$50 Silver by This Date! Silver Prices Will Soar Dramatically if This Happens in 2024 - David Morgan
The precious metals market has been experiencing significant momentum, with silver and gold prices reaching notable milestones in recent trading sessions. Silver, in particular, has shown remarkable strength, touching the $30 per ounce mark twice in as many days and extending its winning streak to three consecutive sessions. This upward trend, which began in early August, has been further bolstered by geopolitical tensions in the Middle East, especially the recent escalation between Israel and Hezbollah.
David Morgan, a renowned expert in precious metals and founder of The Morgan Report, offers valuable insights into these market movements. Morgan anticipates silver to close the last quarter of the year above $30 per ounce, potentially transforming this level from resistance to support. He notes that silver has previously reached as high as $32.50, suggesting room for further growth.
The bullish sentiment also extends to gold, with prices hovering near recent record highs. Early US trading on Monday saw both metals climb, with silver hitting a six-week high. The upward trajectory is attributed partly to increased safe-haven demand, a typical response to global uncertainties. Technical factors are also at play, with bullish chart patterns attracting speculative long positions in both metals.
Looking ahead, Morgan provides ambitious forecasts for gold prices. He predicts gold could reach $2600-2700 by year-end, possibly hitting $3000 under specific circumstances such as election-related issues or further escalation of global conflicts.
Recent market data supports these bullish outlooks. Gold extended its gains on Monday, trading at $2,516 per troy ounce, up 0.16%. This surge is primarily driven by increasing expectations that the US Federal Reserve will begin easing its monetary policy in September. Fed Chair Jerome Powell's recent comments at Jackson Hole, stating that "the time has come for policy to adjust," have further cemented these expectations.
Ghana, an African nation, has taken a bold step in this direction. Vice President Mahamudu Bawumia recently announced plans to back the country's local currency, the Cedi, with gold. This move is aimed at addressing Ghana's economic instability issues. While the policy is yet to be implemented, it could potentially usher in a new era of monetary standards for the country. This approach aligns closely with the BRICS alliance's strategy to reduce reliance on the US dollar.
The BRICS alliance has been at the forefront of efforts to create alternatives to the dollar-centric global financial system. David Morgan suggests that the BRICS alliance could mitigate some economic challenges by agreeing to trade in each other's currencies. However, he cautions that the global economy's deep interconnectedness means that even if the US dollar were to default, it would still likely significantly impact BRICS nations.
The influence of BRICS appears to be expanding beyond its core members. Recently, Palestine announced its intention to apply for BRICS membership officially. This follows a meeting between Russian President Vladimir Putin and Palestinian Authority President Mahmoud Abbas in early August. As a result of these discussions, Abbas has been invited to attend the 2024 BRICS Summit.
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