Gold is steady near record highs this week so far. Gold is up 3% in August after increasing 5.7% in...
Summer is often a slog for precious metals investors, typically associated with extended narrow trading ranges until an eventual breakout come fall.
Yet, after falling 0.3% in June, gold is up 3.8% so far this month. The gold spot price currently sits around $2,390, slightly below the most recent all-time high. It may be a few more long weeks until spot prices reach full strength for the next move up, but the summer consolidation period will bolster price gains through the end of this year, especially as a tumultuous U.S. election cycle, continued international warfare, and the economic outlook continue to fuel the ongoing bull market in precious metals.
The most consequential news will be when the Federal Reserve decides to finally cut interest rates, and if that will be in September, which many are hopeful for. An interest rate reduction would be considered bullish for gold, which becomes a more attractive alternate investment when rates go down.
The Fed closely watches both inflation and labor market data when determining monetary policy, and the latest PCE (Personal Consumption Expenditures Price Index) report has increased investor speculation that cuts are imminent. Additional key reporting is due on Wednesday, Thursday and Friday of this week.
Whether the first rate cut happens in September as many are predicting, or if it is pushed back yet again, make no mistake, gold spot prices will continue to rise in the second half of 2024 and beyond. Gold rose 13% in 2023, and the gains in 2024 could be even more exciting, especially if the series of interest rate cuts is initiated by Fed in September. The window to get gold at these prices is closing, and it won't be long until gold reaches and surpasses the next all-time high.
To make it easier to take advantage of the current market situation, this week we're offering special premiums on sovereign 1 oz. gold. Give us a call at 1-800-831-0007 or email us to place your order today!
1 oz. Gold
Just $79 over Spot
Choose from Backdated Philharmonics or Kangaroos
Plus, a FREE Silver Eagle when you buy three!
*Prices subject to change based on market fluctuation and product availability. Prices reflected are for cash, check, or bank wire. Minimum order is 1 oz. gold. You will receive a free 1 oz. American Silver Eagle coin for every three bars purchased. Free shipping, handling, and insurance are available for purchases of 10 oz. gold or more. Offer expires Friday, August 2, 2024, or while supplies last.
