Commodity prices post one of their best quarters ever – What’s next? [Video]
|Throughout the first quarter of 2024, Commodity prices across the board have been on an absolute tear racking up double to triple digit gains to score one of their best starts to the year ever.
Right now, you certainly cannot talk about Commodities without mentioning Precious Metals – And that’s because Gold and Silver have firmly positioned themselves as two of the most exciting asset classes of 2024.
As Gold prices continue their unstoppable upward momentum, chalking up new all-time record highs for two consecutive quarters in a row – analysts at GSC Commodity Intelligence have dubbed this the beginning of a “New Era” for the Precious Metal.
There is no denying that Gold's record-breaking rally has been nothing short of impressive. Never before in history have we seen the precious metal score multiple all-time record highs in such a short space of time.
During March, we saw Gold prices breach $2,159 an ounce, $2,180 an ounce, $2,222 an ounce, $2,225 an ounce and wait for it – drum roll please... $2,236 an ounce mark – notching up “five” back-to-back all-time record highs within a period of just 21 days.
Just so you read that correctly, that's “five” back-to-back all-time record highs within a period of just 21 days.
Gold is not just making new highs in 2024, but it’s really breaking out, which ultimately suggests that prices are only heading in one direction from here.
And that's higher, a lot higher!
Meanwhile, we’ve seen Silver prices climb above the key $25 an ounce mark for the first time in 2024.
And this could just the beginning!
But right now, there’s one Commodity that has continued to quietly break new record highs, almost on a weekly basis.
And that’s Cocoa.
Over the first quarter this year, Cocoa prices have nearly tripled to reach a level twice as high as the previous record set 50 years ago.
In March, Cocoa prices soared over 60% in a single month alone to reach a new all-time high of $10,080 per tonne – surpassing $9,500 and $8,000 per tonne records it had set only days earlier.
Cocoa prices have now notched up a staggering gain of over 304%, from this time last year, when prices were trading at $2,495 per tonne.
Whichever way you look at it, one thing is clear. The case for Commodities in a well-diversified portfolio has never been more obvious than it is right now!
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
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