Summer is often a slog for precious metals investors, typically associated with extended narrow...
Gold's record-breaking rally is still going strong, fueled by central bank gold buying, safe haven demand, and rate cut speculation. Gold rose 13% last year, and in 2024 is continuing to show signs of strength. After a slow start to the year, it rose 8.9% in March – the biggest monthly rise in more than three years! We're still early in April, but so far the rally is still going strong. Gold has continued to log new record highs on a regular basis as of late. We could be looking at another record month (and potentially year!)
Why? Conflict in Gaza and Ukraine continues to drive geopolitical uncertainty, spurring demand for assets that provide stability in a portfolio. Speculation about interest rate cuts this year is also bullish for precious metals, even though the timeline may be delayed until later in the 2024. And while central bank gold buying has slowed down somewhat after it reached all-time highs over the past several years, Asian central banks in particular are steadily increasing the asset allocation in their reserves to gold.
So if gold is at all-time highs, why buy now? Why not wait until spot prices come down? As ASI President Rich Checkan explained in his most recent Getting Ri¢h video, gold may be at all-time highs, but this isn't the end of the line for the bull market in gold.
"Gold has been consolidating for three or four years at all-time highs and it has broken through over the past month even higher... Keep in mind that precious metals bull markets tend to last very long times, a decade or more is the duration we would be looking for," he says in the video.
With historical patterns as support, it's relatively safe to say that we can expect gold has a few more years within the current long-term bullish cycle. If owning gold in your portfolio as a form of wealth protection is part of your investment strategy, there's never a bad time to strengthen your allocation. And if you're waiting for significantly lower spot prices, you may be waiting years.
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*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. Shipping, handling, and insurance are included on any purchase of 10 oz. of gold or more. Date selection is random and dealer's choice. Offer expires Friday April 12, 2024, or while supplies last.
