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The price of gold has steadily increased since March, primarily due to the current economic situation. Factors such as high inflation, elevated interest rates, and uncertainty surrounding the upcoming presidential election have led many individuals to invest in gold as a means of safeguarding their wealth. Sean Mason, an investment advisor representative with Fresno Financial Advisors, highlights that gold is often viewed as a safe-haven asset during times of instability.
This surge in demand for safety has propelled gold to achieve record highs multiple times this year, exceeding $2,500 per ounce in August. Despite a recent decrease in inflation rates and anticipated interest rate cuts by the Federal Reserve, experts suggest that the upward trend in the price of gold will persist well into 2024.
Let’s delve deeper into how adding gold to your investment portfolio can be a strategic move this fall.
How high will the price of gold climb this fall? Here’s what experts say
Diving into expert opinions on the performance of the precious metal as we approach the fall season.
Demand will remain strong
Amidst expected economic changes later this year, industry experts anticipate that the multitude of factors driving individuals towards gold investment will remain unchanged. Sean Mason notes that geopolitical concerns, domestic unrest linked to the presidential election year, and economic uncertainties create an environment where consumers seek safety in gold. Keith Weiner, founder and CEO of Monetary Metals, adds that weakness in paper currencies has also contributed to the recent surge in gold prices, a trend likely to persist.
Insight: The stability gold provides during tumultuous times is a key reason behind its sustained allure as an investment option.
Discover your gold investing alternatives and initiate your journey here.
Gold will keep climbing
Despite gold prices hitting record highs throughout the year, experts believe that they have not yet peaked. Nick Fulton, managing partner of USA Pawn Stores of Mississippi, mentions a growing interest in gold among individuals who had not previously considered it as an investment. Keith Weiner further emphasizes that we are witnessing the early stages of a significant bull market for gold, indicating further potential for price appreciation.
Insight: The increasing interest in gold indicates a shifting investment landscape where traditional safe-haven assets are gaining prominence.
Expect $2,600 to $3,000 per ounce
Projection data from Morningstar suggests that gold could reach $2,600 per ounce by 2025. However, Keith Weiner believes that the price might surpass this estimate, indicating that a price point of $2,800 is feasible based on current supply-demand dynamics. James Cordier, CEO of Alternative Options, predicts that gold prices could hit $3,000 by the year’s end, with the Federal Reserve’s potential interest rate cut playing a part in this forecast.
Insight: The interplay between interest rates, currency values, and gold prices underscores the complex dynamics influencing the precious metal’s value.
The bottom line
With the price of gold on a continuous upward trajectory, understanding the various investment avenues available is crucial. Whether through physical purchases, gold IRAs, stocks, ETFs, or futures, consulting with financial advisors or professionals can assist in making informed decisions regarding gold investments.
