This upward trend can be attributed to several key factors.
Gold Is Expected To Reach $2,200
Banks such as UOB, the largest bank in Asia, and Société Générale, one of France’s largest banks, are already anticipating gold to reach $2,200. These institutions are making preparations for the projected price increase.
The recent climb in gold’s value has been driven by heightened demand resulting from the Israel-Palestine conflict, as well as expectations of lower interest rates. During periods of economic and geopolitical uncertainty, gold is traditionally considered a safe and dependable investment.
Heng Koon How, UOB’s Head of Markets Strategy in Global Economics and Markets Research, shared his outlook that gold would significantly benefit from a decrease in both the U.S. dollar and interest rates throughout 2024. He predicts that by the end of 2024, gold prices could escalate to as much as $2,200.
The primary driver behind the recent increase in gold prices is the market’s belief that U.S. interest rates have reached their peak. The removal of this obstacle has had a positive impact on gold prices.
Uncertainty surrounding global debt levels has also contributed to the rise in gold prices. The cautious stance of the market regarding the management of this debt has led to increased demand for gold. Its inherent value, independent of any counterparty’s creditworthiness, makes it an attractive investment option.
BRICS And Recession Fears Are Driving The Price Of Gold
In addition, global geopolitical tensions have added to the complexity and uncertainty of the market. Jim Reid from Deutsche Bank highlights the potential for a disruptive event in the financial system, which could trigger a recession. Given gold’s stability during turbulent times, this risk further drives investors toward the precious metal.
Furthermore, the BRICS nations – Brazil, Russia, India, China, and South Africa – are making moves to bypass the dollar. Countries like the UAE have formally requested the use of the Yuan and other local currencies to pay for oil, while Saudi Arabia has started accepting other currencies for its oil.
These factors combined create a favorable environment for gold prices and attract investors seeking stability and potential gains. For a more detailed gold price predictions, visit our article News On Gold Price 2023 To 2033: Jump On The Bullish Momentum!
Protect Your Savings Portfolio With Gold And Other Precious Metals
Did you know that countries using other currencies to buy oil could result in a potential loss of 30% of the dollar demand overseas? But fear not, there’s a solution to protect your savings portfolio and grow your wealth.
Consider including gold in your portfolio as it acts as a reliable hedge against risks that aren’t typically covered by other assets. While it’s important not to solely focus on gold, including it in your investments is crucial for a well-rounded asset allocation.
In fact, a recent survey conducted by the World Gold Council revealed that 24% of central banks are planning to increase their gold reserves in the coming year. This growing trend reflects a rising skepticism about the reliability of the U.S. dollar as a reserve asset. It’s always wise to stay informed and adapt your investment strategies accordingly.
Top-Rated Precious Metals Companies For A Safe Investment
If you’re looking for reputable precious metals companies to buy gold and other precious metals from or even start a gold IRA, we’ve carefully evaluated the top 7 precious metals and gold IRA companies in the industry.
Each gold IRA company is reviewed based on various factors such as BBB/BCA ratings and complaints, customer reviews, annual fees, precious metals selection, storage options, promotions, and buy-back programs. This comprehensive assessment provides valuable insights for investors seeking the best investment options in the market.
You can request a “free gold kit” from each company directly from the table below:
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| Company | Reviews | Annual Fees | Investment Minimums (IRA) | Preferred Custodian | Free Gold Kit |
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$180 | $25,000 | Equity Trust |  |
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$0 | $50,000 | Equity Trust | |
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$180 | $10,000 | Equity Trust | |
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$0 | $10,000 | Equity Trust | |
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$100 | $10,000 | Equity Trust | |
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$180 | $10,000 | Equity Trust | |
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$80 | $2,000 | Equity Trust | |
