GOLD to Hit $3000! Prepare for the BIGGEST Gold & Silver Price Rally Soon- Mike McGlone

GOLD to Hit $3000! Prepare for the BIGGEST Gold & Silver Price Rally in Soon – Mike McGlone

Gold prices are rising during the European session, reaching around 2,030 dollars as the appeal for safe-haven assets strengthens amidst the deepening conflict in the Middle East. According to Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, the current price of gold, hovering around 2,000 dollars per ounce, may experience a slight dip. Still, he believes it’s only a matter before it reaches 3,000 dollars.
McGlone emphasizes that central banks, among the wealthiest entities globally, are actively increasing their gold reserves. This trend is gaining momentum, driven by geopolitical tensions, particularly involving significant players such as China and Russia. Gold buying remained robust throughout 2023, and preliminary figures from the World Gold Council suggest that central banks are on track for another significant year of gold acquisitions following a record-setting 2022.
The World Gold Council identifies two primary motivations behind central bank gold buying: its historical performance as a safe-haven asset during times of crisis and its role as a long-term store of value.
McGlone suggests that gold’s recent performance aligns with its role as a hedge against potential economic risks, particularly in a market reversion or downturn. The gold market is consolidating within a narrow range as investors assess the timing of potential interest rate cuts by the Federal Reserve in the coming year. Analysts are cautious, anticipating a breakout from this consolidation later, as economic data offers limited clarity on US monetary policy.
Silver experienced a slight retreat during Friday’s trading session but swiftly rebounded, indicating signs of renewed strength. The market finds support around the 22.50 dollar level, with potential reinforcement extending to 22 dollars, as market analysts observe.
Mike McGlone, a Senior Commodity Strategist at Bloomberg Intelligence, notes that silver occupies a unique position, consolidating within the 21 to 26 dollars per ounce range. Despite the recent pullback, there’s a leaning towards potential upside, suggesting a resilient market sentiment.
The current price of silver reflects this resilience, recovering to approximately 22.70 dollars. The recovery is partly attributed to the US Dollar Index struggling to extend its rebound and ongoing tensions in the Middle East, which continue to drive investor flows toward safe-haven assets.
However, McGlone expresses bearish sentiments towards copper and industrial metals, emphasizing a less optimistic outlook for these commodities. The contrasting dynamics between silver and other metals underscore the nuanced nature of the current market conditions.

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I can see the rush to gold is Wars and it’s kind of just accelerating and that’s part of the reason I’m bullish gold I think Gold’s just a matter of time it you know it’s hovering Above This $2,000 an ounce level it might kind of dip below but I think just a matter

Of time it gets the Catalyst to go to $3,000 now I’m tilting over to my outlook for gold per going with the hypotheticals of what could happen to me are well not going for silver central banks aren’t buying silver they’re buying gold and all the all the

Implications to me are very bullish but Silver’s got a nice little unique space it’s just consolidating between this 21 and $26 per ounce level and bias is typically upside from that but who knows where it’s going to go first but the fundamental drivers to me are quite

Negative on a global macro basis gold prices are rising during the European session reaching around $2,030 as the appeal for Safe Haven assets strengthens amidst the deepening conflict in the Middle East according to Mike mclone Senior commodity strategist at Bloomberg intelligence the current price of gold hovering around $2,000 per ounce may

Experience a slight dip still he believes it’s only a matter before it reaches $3,000 Mone emphasizes That central banks among the wealthiest entities globally are actively increasing their gold reserves this trend is gaining momentum driven by geopolitical tensions particularly involving significant players such as China and Russia gold buying remained robust throughout 2023

And preliminary figures from the world gold Council suggest that central banks are on track for another significant year of gold Acquisitions following a record setting 2022 the world gold Council identifies two primary motivations behind Central Bank gold buying its historical performance as a safe haven asset during

Times of Crisis and its role as a long-term store of value mclone suggests that Gold’s recent performance aligns with its role as a hedge against potential economic risks particularly in a market reversion or downturn the gold market is consolidating within a narrow range as investors assess the timing of

Potential interest rate cuts by the Federal Reserve in the coming year analysts are cautious anticipating a breakout from this consolidation later as economic data offers limited Clarity on us monetary policy will Gold’s role as a safe haven asset and a hedge against economic risks maintain its momentum join us as we delve into

Insights shared by Mike mllo to stay updated with our latest uploads subscribe to our Channel and activate notifications thank you everything’s Possible having tokens that track gold um via blockchain and crypto um cryptology makes complete sense I mean there some of them are exists there crypto dollars to that’s

Basically just tokens ATT track the dollar the bottom line for gold is the deepest pockets on the planet central banks are buying gold and you have to just expect that to go away I think it’s just accelerating there’s a good reason for that um most we know the two prime

Suspects are uh China and um Russia say some of those for former Soviet Union States but there there’s a good reason for that I mean there’s a pretty significant war going on um it was somewhat instigated by one person Mr Putin with support from another person

Mr Z and there was $300 billion dollar of Russian assets that were seized I mean that’s kind of upsetting for some other people like that so I can see the rush to gold as Wars and it’s kind of just accelerating and that’s part of the reason I’m bullish gold I think Gold’s

Just a matter of time it you know it’s hovering Above This $2,000 an ounce level it might kind of dip below but I think just a matter of time it gets the Catalyst to go to $3,000 now I’m tilting over to my outlook for gold per going with the hypotheticals of what could

Happen to me are well not going for silver central banks aren’t buying silver they’re buying gold and all the all the implications to me are very bullish so let me give you my macro on that I think the big difference from this time last year is the sentiment has

Completely shifted from um people expected a recession to us now that they don’t and they expect a soft Landing which means the risk is we just tilt back a little bit and you mentioned that early on the FED is pushing back a little bit on all these eases that are

Pricing in the market that’s another thing that’s somewhat silly so I think it’s silly right now the market basically is expecting about 12% increase in earnings this year for S&P 500 the volatility vix volatility index if you just take it minus the T Bill rate it’s the lowest since 2007 just

Look at a 12we basis so volatility is always reverting it’s very low volatility only goes up from those levels it’s low for longer and the Market’s priced in right now as we speak on the 18th priced for about 160 basis points of easing in the next year which is just

Silly just I mean the FED is said they’re not going to do that but thing you gota ask yourself is what’s going to take them for to ease that much and I think it’s going to take just a little bit reversion of the massive pump and

Risk assets from last year to me gold sniffing that out more appropriately so if you look at 50e moving averages gold is at all to new High just like annual measures bitcoin’s much lower stock market’s much lower yes they’re bumping up near Highs but I look at it right now is just look

At the iterations of this year is do you really think we’re going to be able to take this market and keep it rallying like this or what’s the risk of just Little reversion and every the dominal trickle down so that’s my my base case this year is that we follow the path of

Europe which is essentially in recession certainly if you look at Germany we follow the um typical historical effects of the most significant rate hike effects in history that will be towards a recession in the US yes I’ve been early but it’s just a matter of time and

Then China continues to mean revert its massive growth of the last 30 20 30 years akin to Japan when it peaked and Soviet Union when it peaked about 30 years ago and the key question I asked myself is what stops that now that is the clear trajectory you’re seeing

Commodities right now virtually all Commodities have been declining significantly from those Peaks from 202020 2022 and they’re still going lower just corn recently reached the three-year low crude oil keeps getting hammered Copper’s still under pressure and Gold’s the only one going up that’s a recessionary trajectory from

Commodities and I don’t see a lot to stop but I think the risks are it accelerates by the time um we get to the end of this year silver experienced a slight Retreat during Friday’s trading session but swiftly rebounded indicating signs of renewed strength the market finds support around the

22.5 level with potential reinforcement extending to $22 as Market analysts observed Mike mclone a senior commodity strategist at Bloomberg intelligence notes that silver occupies a unique position consolidating within the 21 to $26 per ounce range despite the recent pullback there’s a leaning towards potential upside suggesting a resilient

Market sentiment the current price of silver reflects this resilience recovering to approximately 22.7 the recovery is partly attributed to the US dollar Index struggling to extend its re rebound and ongoing tensions in the Middle East which continue to drive investor flows towards Safe Haven assets however Mone expresses bearish sentiments towards copper and

Industrial Metals emphasizing a less optimistic outlook for these Commodities the contrasting Dynamics between silver and other metals underscore the nuanced nature of the current market conditions let’s get back to the interview there’s nothing even close to the dollar in terms of Fiat currencies if the US just

Gets a little bit of their fiscal order in place that would be so helpful and that might happen in the election I’m hearing it’s becoming very high in the polls that um US citizens are are being unhappy with the inflation created by the massive monetary pump in that

Related right um so I look at it is dollar stalard the US is stall one thing the Federal Reserve just proved how Interlink Global economies are the FED just tweaks a little bit every other currency in the plan every other Central Bank in the world has to tweak to keep

Up the bug I mean the Chinese Yan is pegged to the dollar you the the uh Hong Kong currency is pegged to the dollar why because there’s nothing better and not even close and and so I’m I’m on a bit of a rant but I do enjoy when people

Point out some things we talk about the Petro Do’s look at maybe president um I’m sorry heny Ken Henry Kissinger helped get that started that whole concept of the petol dollar but right now the US and Canada together produce uh more have an excess of liquid Fuel and crude oil production

Of about 6 million barrels a day which is about equal to that Rising OPEC Surplus they have to cut back their supply to make up for the excess Supply com out and you know why it’s happening two key reasons number one technology US and Canada just adopted the technology

And more recently as the farmer say the high price cure so those of us who are early and eventually became right about the price of crude oil going down I pointed out why the world has changed so for instance when we talk about OPEC Supply Cuts who does that hurt China and

Europe not so much Europe but China and China is the economy that’s the most fragile I think that’s really starting to just do a normal reversion of way overdue for emerging markets I probably should stall there there’s a lot I can dig into on these subjects but we’ve

Studied a lessons of History which I’ve really been doing I’ve been kicking in line a lot more history lately because it’s that kind of time is we’re in the back end of a significant liquidity boom and we’re busting and that’s what I see why it’s going to continue to support

Gold silver too but it’s probably going to be bad for copper well the main commodity I bullish um is gold more concerned about virtually all most other Commodities which are most of them are downward trajectories if you look at the Bloomberg Monex energy energy sector industrial metal sectors copper there’s

Sly most notably grains because they have the shortest Supply elasticity Factor silver to me is a little bit more in the middle I’m worried about I’m bearish on copper and Industrial Metals and silver is more in that slant but Silver’s got a nice little unique space it’s just consolidating between this 21

And $26 per ounce level and bias is typically upside from that but who knows um where it’s going to go first but the fundamental drivers to me are quite negative on a global macro basis which to me is the base for everything and I can get into that a little bit and then

I trickle down from that view until the first interest rate cut is implemented the market May at times get ahead of itself potentially elevating rate cut expectations to levels that make prices susceptible to a correction stated ol Hansen head of commodity strategy at saxo bank what are your

Sentiments on gold and silver are you leaning towards a bullish or bearish Outlook share your thoughts in the comment section if the video resonates with you join our community by subscribing to our Channel and enabling notifications with the Bell icon thank you for being a part of our community