Here's why the case for Gold at $3000 just got a lot stronger [Video]

As Gold prices continue their meteoric rise to glistening new all-time highs for a 4th consecutive quarter in a row – analysts at GSC Commodity Intelligence are calling this the beginning of a “New Era” for the Precious Metal. 

Gold is not just having a great year. In fact, it's having one of its best years ever in history, which in return has bolstered its iconic status as the “must-have asset class” in every portfolio. 

The world's favourite metal has been on a parabolic run since October last year – surging from near the $1,800 level to score back-to-back all-time record highs – not once, not twice, but on multiple occasions this year. 

This month, Gold prices scaled a new record high of $2,531 an ounce, surpassing the precious metals previous all-time high of $2,509 an ounce reached only a few days earlier. 

According to GSC Commodity Intelligence – If this year’s extraordinary rally in Gold prices tells us one thing – “it’s that the precious metal is no longer inextricably tied to the interest rate cycle”.

But that does not mean lower rates will have no impact. 

Federal Reserve Chair Jerome Powell’s clearest signal yet, that interest-rate cuts are coming in September – could ultimately add more rocket fuel to Gold’s blistering rally. 

Historically, Gold is widely considered as the “go-to” investment for Commodity traders when rates are low and when other asset classes are not up to much. By this token, Gold should have had a dim start to 2024 given the unexpectedly strong performance of U.S equities and a delay to expected Fed rate cuts. 

However, Gold has taken the world by surprise this year – surpassing $2,500 an ounce for the first time ever – a level that would have been viewed as stratospheric just a few years, if not months, ago! 

Just to put this into perspective, the precious metal is up over 26% from its February low of $1,984 an ounce. But even more impressively, Gold prices have now chalked up a whopping gain of almost 41% since October – outperforming the S&P 500, alongside almost every other global benchmark. 

Now here's where things really start to get interesting. 

The speed at which Gold prices have moved from their November 2022 low of $1,600 an ounce to the current record high of $2,531 an ounce is nothing short of unprecedented. 

That's a phenomenal gain of more than 58% within the course of 21 months – which, to quote analysts at GSC Commodity Intelligence tells us one thing, and one thing only, “we are now officially at the forefront of a “New Historic Supercycle for Gold”. 

Whichever way you look at it, one thing is clear. The stars appear to be aligning for Gold and it won't take much for prices to reach $3,000 an ounce, if not exceed that mark – a lot sooner than anyone expects! 

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions: