Editor's Note: With many clients concerned about the proposed imposition of Centralized Bank...
Investors Keep Their Eyes on the Economy
Gold and silver have both declined so far this week after reaching recent highs. Gold spot prices rallied more than 8% in the two weeks since the Israel-Hamas war began.
As investors switch their focus to upcoming economic data from the conflict in the Middle East, this correction is exactly what you would expect to see. Crisis investing tends to be short-lived, and initial strong concerns about geopolitical uncertainty appear to have diminished as humanitarian aid begins to trickle into the Gaza Strip, and the anticipated ground war hasn’t yet begun. Investors will continue closely tracking developments in the Middle East this week, but the release of other key economic news has pulled into focus, including the personal consumption expenditures price index, will come out Friday with September data, and U.S. third-quarter GDP numbers.
Investors overwhelmingly expect the Fed to keep interest rates unchanged in November, and possibly December as well. Lower interest rates – or a pause in rate hikes – is considered bullish for gold because the yellow metal comes under pressure when rates go up and other assets become more attractive.
So while this correction is expected and necessary, we see it as another temporary dip as gold and silver gradually move up in this precious metals bull market. Spot prices can still go much higher than even previous bull market highs over the next few years before the long-term trend resets. Pullbacks like this are a blessing in disguise for investors who are ready to enter the precious metals markets and just looking for the right moment to strengthen their positions. Long term the fundamentals are still bullish, so temporary dips with the current trading range provide an excellent buying opportunity.
There's a particularly strong opportunity in silver. We know silver is undervalued because the pricing has not caught up with the high demand and dwindling supply. Experts have indicated that the growing demand for silver in technology sectors will likely create a supply shortage in the coming years. Silver demand achieved record highs in 2022, growing by 18% as both investor and industrial demand ramped up, while mining production decreased, creating deficits in the supply over the last 2 consecutive years. However, the per ounce price of silver does not yet reflect this and experts are looking towards the $25.00 an ounce spot price as the next key threshold.
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