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At the price of gold has been climbing steadily since March, and much of the upswing has to do with the current economic climate. with high inflation, interest rates rise and the looming presidential election, many have invest in gold to keep his wealth.
“During times of uncertainty, gold can be a safe haven,” said Sean Mason, vice investment advisor with Fresno Financial Advisors.
This rally for safety has caused gold to reach record highs several times, eventually surpassing $2,500 an ounce in August. And while inflation has cooled in recent months (and the Fed is expected to cut rates as a result of the decline), most experts think so. increase in the price of gold will continue until 2024.
Find out more about how adding gold to your portfolio can be a smart move this fall.
How high will gold prices go this fall? Here’s what the experts say
Here’s what he had to say about it precious metal’s performance as we head into the fall.
Demand will remain strong
While there is the possibility of some economic changes coming later this year, experts say many encouraging factors a run to the gold will remain the same.
“Growing concerns about the geopolitical landscape, domestic unrest fueled by a hypersensitive presidential election year, and growing anxiety over a challenging economic environment are driving consumers to seek refuge in some safety,” Mason said.
The weakness in paper currency also played a role in the new gold, according to Keith Weiner, founder and CEO of Monetary Metals, and should remain the same.
“When people lose confidence in the stability of their national currency, they turn to gold as a hedge against currency debasement,” Weiner said. “Gold is an anti-currency and banking asset, because it has no counterpart.”
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Gold will continue to rise
The price of gold it may have hit a record number of times this year, but experts don’t think it’s peaked.
“There’s nothing I’ve seen that suggests gold is going down that fast,” said Nick Fulton, managing partner of USA Pawn Stores of Mississippi and chairman of the Mississippi Pawnbrokers Association.
In fact, Fulton said pawn shops are looking at it more interest in gold from ever.
“People who have never owned gold walk into our store and buy it for the first time,” Fulton said. “In March 2024, gold was around $2,100 an ounce. At that time, I expected to see gold reach $2,500 by the end of the year, but here we are trading above that amount with four months to go in 2024.”
According to Weiner, we are still in the early stages of what he calls a “significant golden bull market.” Next, there may be a long road ahead the price of gold reached its peak.
“While we may see occasional dips, the overarching trend is upward as the paper currency continues to weaken,” Weiner said.
Expect $2,600 to $3,000 per ounce
Investment data company Morningstar projects gold could reach $2,600 per ounce by 2025. But according to Weiner, it could be even higher than that.
“Our model suggests that if we remove the impact of futures market speculation, the price of gold should be around $2,800, based on current supply and demand,” Weiner said. “What is interesting is that when prices rise, demand does not fall. This demand is not driven by headlines but by deeper concerns – like debt levels, abuse of monetary policy, and fear or desire for de-dollarization.”
James Cordier, CEO and chief trader at Alternative Options, projects that gold prices will reach $3,000 by the end of the year – and the possibility of a Fed rate cut is only part of the reason. (Studies show that interest rates and gold prices tend to have an inverse relationship).
“With gold priced in US dollars, the market is very focused on any changes the Federal Reserve may make to interest rate policy,” Cordier said. “Lower rates generally translate into a weaker currency, and suddenly you have a new form of fear of inflation.”
Bottom line
There are many and take advantage of its surging price growth. You can buy physical coins and bars, open a gold IRAinvest in gold stock and Gold ETFs or buy gold futures. If you are not sure which route is best for you gold investmenttalk to a financial advisor or investment professional. They can help you make the best use of your funds.
