Huge GOLD News! The Fed Will SHOCK Us All in 2024 & It Will Be Great for Gold & Silver - Gary Wagner
Gary Wagner, the editor of TheGoldForecast.com, emphasizes a notable dichotomy between gold and silver in the short term. Silver's greater resilience is attributed to its industrial usage and market dynamics. The uncertainty surrounding Federal Reserve policy, particularly regarding potential rate cuts, contributes to this divergence.
In the short term, gold traded with a mild positive bias on Wednesday, buoyed by a weaker US Dollar. Factors such as rising gold demand from robust over-the-counter market investments, consistent central bank purchases, and safe-haven flows amid geopolitical risks in the Middle East act as tailwinds for Gold/Dollar. However, the possibility of hotter-than-estimated inflation data could prompt a more aggressive stance from the Federal Reserve, boosting the Greenback and exerting selling pressure on USD-denominated gold.
Furthermore, hawkish remarks from Federal Reserve officials, including Chairman Jerome Powell's suggestion to maintain higher interest rates for a prolonged period, may weigh on the yellow metal soon.
Looking ahead, Wagner identifies several key variables for the long term, including geopolitical tensions in regions like Israel and Ukraine and inflationary pressures. Depending on how these factors unfold, gold could potentially breach all-time record highs by the end of the year, although much hinges on the evolving economic and geopolitical landscape.
In 2024, gold prices soared, achieving new monthly highs and outperforming the stock market significantly in the commodity markets. Despite a slight retreat at the beginning of the week, gold's resilience has been notable, particularly since the release of weaker-than-expected April non-farm payrolls data. Additional support for the metal came from a weakening US dollar following the latest jobless claims data, signaling a cooling US labor market and reinforcing expectations of potential rate cuts by the Federal Reserve around September.
Wagner notes that despite a recent selloff followed by a rebound, silver has shown resilience, particularly with the retracement from the previous rally. This indicates potential short-term bullishness if it maintains support levels and continues trading above key price points. On Monday, silver's price rose by 0.28%, attributed to declining yields in US Treasuries and a softer US Dollar. With anticipation building for releasing the Consumer Price Index on May 15, investors are also awaiting Fed Chair Jerome Powell's speech on Tuesday.
Regarding gold, Wagner underscores the significance of central banks' aggressive gold buying, signaling a loss of confidence in fiat currencies. This trend reflects broader concerns about currency devaluation due to excessive money printing and rising debt levels. During the pandemic, the US Federal Reserve released about 3 trillion dollars, rapidly expanding its balance sheet from 4.16 trillion to 9 trillion by April 2022 through initiatives like the 'Inflation Reduction Act,' essentially providing Covid-19 stimulus by printing money.
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