This is UNBELIEVABLE! Gold & Silver Prices Will Change Forever After This - Gary Wagner
According to analysts, Fed policy will continue to be crucial to the future of gold prices in the coming months. The macro-environment surrounding the yellow metal should improve if the Fed continues to sound less hawkish, and the story around the rate outlook has shifted from this year. Markets now expect 125 basis points of rate cuts through 2024, following the Fed's most aggressive rate-hiking campaign in 40 years, with a widespread belief that the cycle of rate hikes has peaked.
As gold prices hold steady in a wait-and-see mode, traders are closely dissecting the FOMC Monetary Policy Meeting Minutes released on Wednesday for insights into the next significant move in precious metals. Gary Wagner, Editor of The Gold Forecast.com, envisions a potential gold price surge to 2300 dollars, expressing confidence in this feasibility, especially if the Federal Reserve implements early rate cuts. Notably, Wagner points out that 2,000 dollars per ounce is now perceived as a substantial support level, no longer a resistance, as observed in the months preceding the October rally.
While reaffirming gold's enduring relevance in global scenarios, Wagner emphasizes its dual role as an inflation hedge and a safe haven during geopolitical tensions. The recent uptick in gold prices may be attributed to mounting concerns over inflation and geopolitical uncertainties, adding weight to gold's status as a go-to asset in uncertain times.
In contrast to conventional views, gold and silver have shone as bright spots over the past 18 months. In recent months, investors have turned to safe-haven assets like gold and silver for reassurance against market volatility introduced by inflation and geopolitical uncertainties globally. The strong performance of gold and silver aligns with the broader trend of increasing reliance on precious metals in times of economic uncertainty.
Gary Wagner foresees gold facing resistance between 2000 and 2100 dollars per ounce but maintains an optimistic outlook, expecting an upward trend contingent on controlled inflation. Research conducted by the World Gold Council spanning half a century backs this. During instances where inflation surpassed 3%, gold prices enjoyed an average annual return of 15%. This contrasts sharply with its 6% average return during periods of lower inflation, below 3%.
This showcases the tendency of gold to outperform when inflationary pressures intensify. Diversifying our investment portfolio with gold can provide greater stability and even reduce volatility.
Wagner notes a recent dollar peak on February 13, followed by a five-day decline, indicating continued weakness. Furthermore, he believes this influences gold positively, evidenced by four consecutive higher closes. The dollar index was down 0.1%, making greenback-priced bullion less expensive for buyers holding other currencies.
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