Will the new BRICS currency supercharge Gold prices? [Video]
|Another week and another all-time record high for Gold prices. That’s one of the most lucrative trends of the current Commodities Supercycle, which shows no signs of slowing down anytime soon!
As Gold prices continue their unstoppable surge higher, scaling new all-time record highs for a fifth consecutive quarter in a row – analysts at GSC Commodity Intelligence have dubbed this the beginning of a “New Era” for the Precious Metal.
That comes as no surprise, given today's highly macro-driven backdrop is fuelling one of the greatest and most ferocious rallies the Gold market has ever seen.
Gold has been on a parabolic run since October last year, rallying from near the $1,800 level to score consecutive back-to-back all-time record highs – not once, not twice, but on 37 separate occasions, so far this year.
Yes, you read that correctly. That’s 37 all-time record highs, so far in 2024.
On Tuesday, Gold prices skyrocketing to a new all-time record high of $2,758 an ounce, surpassing the precious metals previous all-time high of $2,749 an ounce reached only a day earlier – extending its gains by an impressive 53%, from this time 12-months ago.
According to GSC Commodity Intelligence – “Gold's record-breaking run has been nothing short of impressive. Never before in history have we seen the precious metal score multiple back-to-back all-time record highs in such a short space of time”.
And this could just the beginning!
If history is anything to go by, then previous Gold Supercycles suggest this is only just the start of a much bigger move ahead.
Right now, the precious metal is being driving by "a multitude of bullish tailwinds" including; escalating geopolitical tensions in the Middle East and growing instability in China’s economy, forcing Beijing to launch its most aggressive economic stimulus package since the 2008 Global Financial Crisis.
Central Banks around the world continuing to accumulate Gold at a record-setting pace combined with the global pivot towards lower interest rates.
And let's not forget the upcoming U.S Presidential Election, which has both presidential candidates proposing inflationary policies, that are guaranteed to unleash one of the most bullish backdrops for Gold prices, the world has ever seen.
But perhaps the most bullish catalysts of all – is the De-Dollarization Movement, which officially entered a new phase after Russian President Vladimir Putin unveiled plans for a new Gold-backed BRICS currency at the 16th Annual BRICS Summit this week.
The significance of this cannot be understated, especially since the BRICS nations – Brazil, Russia, India, China, and South Africa – now collectively control over 20% of the world's total Gold reserves.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
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