Gold Price Forecast 2024

Discussion in 'Bullion Investing' started by GoldSolutions, Dec 17, 2023.

  1. GoldSolutions

    GoldSolutions New Member

    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!
  2. Avatar

    Guest User Guest

    to hide this ad.
  3. eddiespin

    eddiespin Fast Eddie

    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.
  4. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    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.
    fretboard and masterswimmer like this.
  5. Collecting Nut

    Collecting Nut Borderline Hoarder

    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.
  6. pmbug

    pmbug Taking steps on my thousand mile journey

    Crystal ball is broken, but barring inflation spiking again (with a consequent response from the Fed), I expect gold to trend up over 2024.
  7. Heavymetal

    Heavymetal Well-Known Member

    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
  8. J.T. Parker

    J.T. Parker Well-Known Member

    Hello Group,
    I would hazard a guess that Gold prices will be tied closely to whatever political situation evolves in 2024 & 2025.
  9. slackaction1

    slackaction1 Supporter! Supporter

    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.
    Last edited: Dec 18, 2023
  10. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    I buy regardless of price up or down base on the average in a long term investing strategy :)
    SensibleSal66 likes this.
  11. Collecting Nut

    Collecting Nut Borderline Hoarder

    And Costco says they have sold over one hundred thousand ounces this year.
  12. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Maybe that’s a hint to them that it should offer this in store…
  13. GoldFinger1969

    GoldFinger1969 Well-Known Member

    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:

    Indian Gold Consumption, 1850-1997.jpg

    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 ?
    GoldSolutions and slackaction1 like this.
  14. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    I always like a good GOLD forecast :)
    GoldFinger1969 likes this.
  15. GoldFinger1969

    GoldFinger1969 Well-Known Member

    Oppenheimer 2024 Technical Forecast for Gold:

    Oppenheimer 2024 Gold Forecast.jpg
  16. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    All I know is Ian on board !
Draft saved Draft deleted

Share This Page