“[T]he [buying] opportunities are here…for people to jump on this market and…take advantage of the [gold] prices that haven’t gone up through the roof yet.”
-Sr. Precious Metals Advisor Steve Rand
Gold has rewarded long-term holders with an impressive value increase of 40% in the past five years. Now, a combination of unique economic and gold market factors is providing investors with a significantly beneficial buying opportunity.
Watch this week’s The Gold Spot to hear Senior Precious Metals Advisor Steve Rand and Precious Metals Advisor Brian Conneely explain why gold prices remain restrained despite growing demand and why 2024 gold price forecasts are projecting new highs.
Pervasive Uncertainty in the World Economy
The confidence (or lack thereof) governments have in the world economy is mirrored in their gold-consumption habits. Alarmingly, central banks have transitioned from net gold selling in the 2000s to insatiable gold buying over the past few years. This stark change indicates a growing unease with the state of global markets and a push for a new economic status quo. BRICS nations are leading the economic revolution with an outright assault on the dollar, especially through the potential of a BRICS currency and the group’s rapid expansion. Given the question marks dotting the economic landscape and the heightened demand for gold, many investors wonder why gold prices have yet to increase.
Gold Prices Strong Despite Manipulation
In the Halcyon days of gold trading, transparency and honesty reigned supreme. If you can believe it, the spot price of gold actually lined up with the true value of gold. Over the past few years, investors have begrudgingly resigned to a seemingly unavoidable level of price meddling.
However, with the recent prosecution of high-profile J.P. Morgan gold traders and an increased awareness of the issue, the end of gold manipulation could be on the horizon. Remarkably gold and silver prices haven’t buckled under the immense pressure leveraged by institutional players.
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“[Manipulators] are losing control. [Despite] all the things they throw…gold has been incredibly resilient and keeps fighting back.”
– Steve Rand
2024 Gold Forecasts Shine Bright
Gold market manipulation has kept gold prices artificially bogged down, but record-setting demand is going to blow the lid off at some point soon. Numerous high-profile gold price forecasts for 2024 point to record-setting prices far above current averages. In fact, JP Morgan1, UBS2, and Bank of America3 all predict gold prices to reach well over $2,000 an ounce in 2024. Some industry experts even anticipate the price of gold pushing the $2,500 an ounce4
A Golden Buying Opportunity
The confluence of a temporary pullback in gold prices, accelerating central bank gold demand, and healthy 2024 gold price forecasts is giving investors a fantastic (but limited) buying opportunity. All market indicators suggest that this precious metal is significantly underpriced which is why smart money investors are adding to their holdings before prices inevitably jump.
It’s advisable for investors to follow the tried-and-true investment strategy of dollar-cost averaging (DCA) wherein purchases are made at regular intervals. This offsets the inevitable and unpredictable swings in the market by averaging out the volatility. However, DCA doesn’t preclude investors from taking advantage of fortuitous price dips similar to what the market is presenting right now.
Don’t Miss Out On These Prices!
This might be one of the last windows of opportunity to scoop up gold at lower evaluations before prices shoot upward into record-setting territory. Speaking with a precious metals advisor is the best way to determine the right amount and the right type of gold assets based on your unique investment goals. Get in touch with a Scottsdale Bullion & Coin advisor by calling toll-free at 1-888-812-9892 or using our live chat function.