Gold is on fire.
Last checked, it’s now up to $2,329.93 from about $1,9996 in February.
From here, it could easily see $2,500.
For one, central banks are still loading up on gold.
Two, Goldman Sachs just said that the Federal Reserve’s meeting “reinforced the market’s (and ours) expectations that three cuts are likely this year, lending renewed support to gold to test and surpass March’s earlier record high,” they said, as quoted by Yahoo Finance. The firm also upgraded their 2024 gold forecast to $2,300 by the end of the year.
Three, safe-haven demand for gold continues to be supportive amid geopolitical uncertainty with ongoing wars and the upcoming US election.
In addition, according to Julia Khandoshko, CEO of the European brokerage firm Mind Money, said that “gold’s rally to record highs is less about the actual timing of the Federal Reserve’s rate cuts and more about the general direction of monetary policy,” as noted by Kitco.com. Looking ahead, Khandoshko said that she expects it’s only a matter of time before gold hits $3,000 an ounce.”
That being said, investors may want to seize every opportunity to buy gold – especially on dips. While you can always invest in physical gold, there’s also Barrick Gold (GOLD), Newmont (NEM), and Royal Gold (RGLD), for example.
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