Silver and gold have dipped this week, facing headwinds from a stronger U.S. dollar. The U.S....
Gold has pulled back after a stronger than expected labor market report, but remains close to record highs.
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 position in gold.
Gold is up roughly 27% since the beginning of the year, and is unlikely to stop any time soon. It's been on a tear heading from summer into early fall, gaining 5.2% last month after advancing 2.2% in August and increasing 5.7% in July.
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. Gold prices are not only supported by the likelihood of rate hikes, but by safe haven demand related to the conflicts in the Middle East as escalations continue.
As we charge forth into Q4 of 2024, it is time to start thinking about preparing portfolios for the next year and beyond.
Most major banks worldwide expect gold to extend its record-breaking price rally into 2025 because of a revival in large inflows to exchange-traded funds (ETFs) and expectations of additional interest rate cuts from multiple central banks in the West and China. Goldman Sachs recently raised its gold price forecast to $2,900 an ounce for early 2025, while Bank of America projects gold prices to reach at least $2,750, with a scope for gold to hit $3,000. Looking even further into the future, some analysts are projecting a peak gold price forecast in the range of $4,500-$5,000 heading into 2030.
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