Starting the year at $1,824 per ounce, gold trades around $2,065, denoting a 14% rise and potentially marking its first annual increase in three years. Notably, the historical high for gold prices reached $2,135.39 per ounce in early December 2023. However, the momentum slows as gold prices retreat after hitting a three-week high, impacted by a strengthening U.S. dollar and rising Treasury yields, which counter expectations of Federal Reserve rate cuts in the upcoming year. Geopolitical tensions and decreasing inflation rates play pivotal roles in driving the price of gold up by more than 10%, marking its most impressive performance in three years.

Despite several challenges, such as persistently high-interest rates, a hawkish Federal Reserve stance, a robust dollar, and attractive high-yielding bonds, gold exhibits resilience throughout the year. Peter Krauth, editor of the Silver Stock Investor newsletter, recognizes these hurdles, especially in contrast to the stock market's strong performance. Despite these obstacles, gold maintains its strength, displaying remarkable stability. Data from the World Gold Council (WGC) reveals that major central banks rapidly accumulated gold at the beginning of 2023, providing substantial support and keeping gold prices around the $2,000 mark, indicating a bullish trend.

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Credit: Liberty & Finance
Silver Rose 36x In 1970s Bull Market; Could It Happen Again? | Peter Krauth
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