Gold hit another new record high rallying early yesterday as investors speculate that the Federal...
Gold and silver have pulled back on profit-taking this week after the tremendous rally sparked when the Federal Reserve cut interest rates mid-month.
Monetary policy is set to continue loosening, with further rate cuts looking likely for November. The Fed lowered interest by 50 basis points to 4.75% to 5.00% in September. Interest rate cut cycles are typically bullish for precious metals, increasing their appeal as alternate investments as the dollar decreases in value.
So, the current pullback is the exact type of opportunity that investors should be looking for in the current bull market.
As precious metals continue to stairstep towards highs in this ongoing bull market, temporary dips provide opportunities for savvy investors to strengthen their positions in gold and silver.
Gold is attracting significant attention this year as it continues to shoot for new all-time highs, but surprisingly, it is not the best-performing asset in the precious metals sector.
Gold is up roughly 27% since the beginning of the year, and is unlikely to stop any time soon.
Silver is up about 32% for the year as well, and historically tends to overtake any gains in gold, so the end of year gains could be significant. Silver is up 9.2% for September after gaining 0.7% in August, closing last week at an 11-year high. In 2020, gold saw gains of 25%, but silver rose by 48%! Both metals are likely to eclipse those gains in 2024 with the current market situation.
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