Hello I am new to this forum so if this isn't where to post content like this, please forgive me! We saw a TREMENDOUS year for gold in 2023 with its high reaching $2,148.78! Do you think it can go even higher in 2024? If so, how and why? I personally am predicting the high to reach $2,300 in 2024. Various factors are at play such as political events and all the conflicts going on that make me currently think this. Let's hear your predictions!
I think it'll go higher, but that's due to the hype. These are talking points driving this commodity up. Fear of inflation, it's a "hedge." Fear of economic collapse. Then what do we do, but buy buy buy? Fear. It sells. But the reality is, gold, like any commodity, has value only when people want it. And when I fear economic unrest, I'm investing in such things as bottled water, before I'm investing in any precious metals. I want my 5 gallons of gasoline, before I want your gold bar. The bottom line, the currency goes haywire, economy implodes, there goes the show. I don't want my cash in precious metals or gems, I want it in utilitarian things we want and need. I know, I know, swap it for the inflated cash nobody wants. If that's the plan, I'm in mutual funds, which is killing gold, and always has. So to me, it's a poor investment. Having said that, I'll take a shot, it tops off next year at around $2200, I'm thinking.
Welcome to the forum @GoldSolutions ….. I hold a respectable amount of gold, most of which I have been holding since the 1990’s so if I need to liquidate, I’ll be sitting pretty no matter where it lands. I have said in a previous thread addressing the future of gold, let me shake my magic 8-ball and I’ll get back to ya!….. There was a time that I kept live tickers for gold and silver on my desktop. When I realized that was a source of stress, I removed those live tickers and resolved to look at the charts every month or so. That made holding PM’s fun again for me. I believe that spikes in PM’s are typically a signal that other areas of daily life are going haywire. And buddy things have been going haywire for a while now. Add that to a very contested election year afoot, yes I believe that gold will continue to climb in 2024. But again, I need to confide in my magic 8-ball to be certain.
If things continue next year like they have this year yes, the pm prices will continue to go up. If things get better with the economy next year, they will go down. It’s that simple. Welcome to CT.
Crystal ball is broken, but barring inflation spiking again (with a consequent response from the Fed), I expect gold to trend up over 2024.
Welcome to the forum @GoldSolutions Multiple forces always in play with metals. Of course there’s supply/demand. More people around the world who want it. (Think India) On supply, it’s gets harder and more expensive to mine for anything Then there’s government actions, on every continent, that are unpredictable at best. Always some fear in the air And on the short term there’s the commodity futures market. Very wealthy interests can borrow money and control huge amounts of any commodity. As interest rates hold or back off some, the opportunity cost to hold/control goes down. Or short it. That really controls the day to day ‘spot’ prices
Hello Group, I would hazard a guess that Gold prices will be tied closely to whatever political situation evolves in 2024 & 2025. J.T.
How much for the Eight Ball Randy I need to confide with it. EVERYBODY says gold going up. Thats not much of a reach if it goes only to 22 or 23 by the middle or end of 2024 everything goes up to me that not much gain. If it wants TO SHOW OFF JUMP TO 2500 OR MORE.
Predictions are fun, but they really are guesswork with gold which is tougher to predict than stocks or bonds where you can at least quantify some of the variables. More interesting to me is where gold is going by 2030 and 2035. I am on record as saying that $3,000 gold is possible/likely by 2030 and maybe $5,000 by 2035. That's not an unreasonable CAGR from today's levels. The headwinds of years past are now tailwinds: central bank buying, SWF buying, more retail buyers. If you just focus on global retail demand, per-capita incomes and GDPs are rising so fast in countries like India that government/central bank/retail buying doubles every 10-15 years or sooner. Check out the long-term buying of the Indian central bank: It doesn't show but current Indian annual gold demand is about 700-800 tons, or about double what it was in the late-1990's. And Indian income and GDP should rise much faster the next 20 years than the last 20 years. Gold has been laying about $2,000 for years giver or take a few hundred dollars. It's a buying opportunity IMO....and the implications will be clear if/when gold moves substantially higher. You'll see the herd start to buy gold AFTER we've had a few days where it rises $150 or $200 in a single day. You'll see premiums EXPAND HUGELY on gold coins with some numsimatic values; if gold is $3,000 I wouldn't be shocked to see MS-65 Saints closing in on $4,000 (the old 1989-90 Bubble High). Could be a bit less with a narrower premium, but is a 33% premium really outrageous compared to 500-700% decades ago ?
