Thursday, June 20, 2024

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Gold and silver have recently been on a declining trend, with gold losing over 2% of its value in the last month, and silver falling more than 5% against the U.S. dollar. Despite this seemingly unimpressive display in the past month, David Neuhauser, founder of Livermore Partners, predicts that gold may escalate to $2,500 by the end of 2024.

From a Drop to a Spike: Some Anticipate Gold’s Recovery

Around three years ago, in August 2020, gold reached an all-time high of $2,074 per ounce. At the same time, silver also peaked at roughly $28 per ounce on August 6 that year.

However, the sheen has since worn off these precious metals, and their prices have decreased. As of August 12, 2023, the current market price of gold is $1,913 per ounce, and silver is at $22.67 per ounce.

Earlier this August, the World Gold Council (WGC) released the newest Gold Demand Trends report. It provided insights into gold’s performance during the first half of this year, supported by substantial central bank purchases.

The WGC detailed that gold’s success in the first six months was driven by healthy investment markets and sustained jewelry demand. Yet, even with these positive factors, gold demand (not including over-the-counter or OTC transactions) declined 2% year-over-year to 921 tons in the second quarter.

“Including OTC and stock flows, total demand increased 7% y/y to 1,255t,” the WGC’s Q2 2023 report on Gold Demand Trends explained. Although gold and silver’s prices have dropped in recent weeks and are well below their 2020 highs, some experts maintain a hopeful perspective, predicting upward trends towards the end of 2023 and 2024.

In a correspondence with CNBC, Bart Melek of TD Securities expressed his belief that gold might exceed $2,100 in late 2023 or early 2024. He attributed this bullish estimate to the U.S. Federal Reserve’s quantitative tightening, identifying it as a driver for the positive outlook.

David Neuhauser, the founder of Livermore Partners, also told CNBC’s Lee Ying Shan that he expects gold to hit an astonishing $2,500 by the close of the next year. “2024 is the year I envision gold breaking out to new highs and beyond,” he stated.

“My goal is $2,500 by the end of 2024… Much of this prediction is based on the potential economic downturn starting later this year and intensifying in 2024,” Neuhauser further elaborated.

In a Capital.com report from May 2023, ANZ research anticipated that gold could be trading at $2,100 by the end of 2023 and approximately $2,200 by September 2024. Moreover, Walletinvestor, an algorithm-driven forecasting platform, predicted the precious metal’s price to jump to $2,289 by May 2028.

What’s your view on the analysts who are optimistic about gold’s future? Or do you believe that gold’s declining trend will persist? Feel free to share your insights and thoughts on this topic in the comments section below.

Frequently Asked Questions (FAQs) about fokus keyword: gold prices

What recent trends have gold and silver experienced?

Gold has lost over 2% of its value in the past month, and silver has fallen more than 5% against the U.S. dollar. As of August 12, 2023, gold’s price stands at $1,913 per ounce, and silver’s price is at $22.67 per ounce.

Who are some of the experts predicting a rise in gold’s value?

Experts such as David Neuhauser, the founder of Livermore Partners, Bart Melek, TD Securities’ managing director, and ANZ research have predicted a rise in gold’s value, potentially reaching $2,500 by 2024.

What were the historical highs for gold and silver?

Approximately three years ago, in August 2020, gold soared to an unprecedented peak, hitting $2,074 per ounce, while silver simultaneously reached a high of around $28 per ounce.

What factors contributed to gold’s performance in the first half of 2023?

The World Gold Council identified that the success of gold in the first half of 2023 was bolstered by thriving investment markets and a resilient demand for jewelry, coupled with a high level of central bank acquisitions.

What are some specific price predictions for gold by the end of 2023 and 2024?

Predictions include David Neuhauser’s forecast of $2,500 by the end of 2024, Bart Melek’s expectation of above $2,100 in late 2023 or early 2024, and ANZ research’s anticipation of $2,100 by the close of 2023 and near $2,200 by September 2024.

Why do some experts remain optimistic about gold’s future despite its recent downtrend?

Some experts attribute their optimism to factors like the U.S. Federal Reserve’s quantitative tightening and potential recessionary forces that may take hold later in the year. These elements, coupled with sustained jewelry demand and investment markets, contribute to their bullish outlook.

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