Gold prices just hit another all-time high. Is $3,000 the next stop? [Video]
|At the beginning of the year, analysts at GSC Commodity Intelligence officially dubbed 2024 “The Year of The Metals” – And now we're starting to see why!
Fast forward nine months to the present day and it's fair to say that Gold is not just having a great year. But in fact, the world's favourite precious metal is having one of its best years ever in history.
As Gold prices continue their unstoppable run higher, scaling new all-time record highs for a fourth consecutive quarter in a row – conclusive evidence shows that we are just in the early stages of a “new historic Supercycle for Gold”.
Gold has been on a parabolic run since last October – rallying from near the $1,800 level to score back-to-back all-time highs – not once, not twice, but on 33 separate occasions, so far this year.
By the time your finish reading this article, that tally could very easily be a lot higher.
On Friday, Gold prices skyrocketing to a new all-time record high of $2,585 an ounce, surpassing the precious metals previous all-time high of $2,558 an ounce reached only a days earlier.
The yellow metal is now up nearly 31% from its February low of $1,984 an ounce. But even more remarkably, Gold prices have now chalked up a whopping gain of almost 44% since October.
Gold's record-breaking run 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.
And this could just the beginning!
According to GSC Commodity Intelligence – “Gold is not just making new highs in 2024, but it’s really breaking out. That's a tell-tale sign that this rally is just getting warmed up”.
Right now, the precious metal is being driving by a multitude of bullish tailwinds including the Fed’s first interest rate cut since 2020 – which is only five days away – and will likely be followed by consecutive rate cuts in November and December.
Then there's central bank gold buying, which no signs of slowing down anytime soon. According to proprietary data compiled by GSC Commodity Intelligence – 74% of global central banks are planning to significantly increase their Gold purchases before the end of the year.
And last but definitely not least – the historically strong correlation between U.S government debt and Gold prices.
Conclusive evidence shows during the period U.S national debt has ballooned from 5 trillion to 35 trillion dollars – Gold prices have risen by 8x since 2000.
But here's where things really start to get interesting. If history repeats itself, Gold prices could reach $5,000 an ounce when U.S national debt hits the 70 trillion dollar mark.
All of this tells us one thing. Gold prices are only heading in one direction from here – And that's up!
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
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