The price of gold has reached a record high of $2,100, driven by a weakening US dollar and geopolitical uncertainty. Despite a slight retreat to $2,028, gold futures hit an intraday record of $2,152.30. Analysts predict an average gold price of $2,100 per ounce in Q2 2024, fueled by strong central bank purchases. The World Gold Council’s survey shows that 24% of central banks plan to increase gold reserves, reflecting growing pessimism about the US dollar. A potential policy shift by the Federal Reserve in 2024 and increased demand from central banks may further support gold prices. The SPDR Gold Trust (GLD) saw a significant net inflow of $1.5 billion in November, signaling a resurgence of investor interest in gold. The text also discusses market expectations, inflation control, potential rate cuts, and the inverse relationship between gold and Treasury yields. The Point and Figure Gold chart suggests a target of $2,430 per ounce. The author recommends midsize gold producers like Victoria Gold, Karora Resources, and OceanaGold, providing production details and price targets for their stocks. The overall outlook suggests a solid upward trend for gold, reaching new all-time highs in 2024, Jochen Staiger, CEO, Swiss Resource Capital AG.
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Gold is overpriced