April 16, 2024
On Friday, gold’s price topped 2,426 dollars per ounce for the first time in history, the culmination of weeks of steady price increases for an asset previously believed to be dead. Though prices have dropped by a hundred dollars due to the strengthening dollar, experts are optimistic that there will be more price increases ahead for both gold and silver in 2024. Renowned financial commentator and publisher of the Morgan Report, David Morgan, a trusted voice in the industry, believes the true value of gold is much higher than its current price and that the precious metal should be trading near 20,000 dollars per ounce in 2024. However, the constant manipulation of the gold and silver market has had a really dampening effect on prices.
Price manipulation and suppression, regardless, gold is trading new all-time highs and primed for stronger upside moves, according to experts. In its latest note to investors, Goldman Sachs, one of the largest investment bank conglomerates, said it noticed that the traditional factors that typically cause gold price hikes are not playing out at the moment, yet the precious metal has seen pretty decent price growth. The banking giant identified these traditional elements linked to gold price hikes as “real rates, growth expectations, and the dollar, adding that none of those factors explain the velocity and scale of the gold price move so far this year. In the note, the bank declared that the precious metal still has many points on its side to keep growing in the market, citing the constant demand of central banks and the increase in retail demand from mostly Asian investors.
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Credit: ITM Trading, INC.