URGENT & IMPORTANT! Something HUGE Is Coming for Gold & Silver Prices in 2024 - Andy Schectman
Gold and silver have sold off over the past week. Gold prices are experiencing some mild selling pressure as they approach critical support around 2,300 dollars an ounce. Meanwhile, the silver market has attracted some bargain hunters after falling 2% on Tuesday, dropping below its 50-day moving average. However, the precious metal is struggling to hold gains above 29 dollars an ounce.
But while that's happened, bank of America analysts predict a potential surge in gold prices, with estimates reaching 3,000 dollars per ounce within the next 12-18 months. However, they acknowledge current market flows don't necessarily support this price point.
J.P. Morgan in its latest note said it remains structurally bullish on gold and silver and perceives the recent consolidation as a buying opportunity with a target of 2,600 dollars and 34 dollars, respectively, in 2025. The current levels in copper, too, present a good re-entry point towards the brokerage's 11,500 dollars target by 3rd quarter of 2025, it added.
Andy Schectman, Co-founder of Miles Franklin, a precious metals firm with over 9 billion dollars in sales, outlines the epic moves ahead in the gold and silver markets. Globally, there's a move towards de-dollarization. Some countries like the UK, Ireland, and the Cayman Islands may still hold U.S. debt, but major holders are moving away. Schectman believes that, ultimately, gold and silver will rise as the dollar falls.
According to Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, The ramping up of “Cold War 2.0” between China, Russia, Iran, and North Korea against the United States and its allies is a big reason why gold will likely outperform the broader metals complex in the second half of 2024. In his tweet, he said: World Order Shift and Falling Grains, Rising Gold - The Bloomberg Grains Spot Subindex down about 20% vs. gold up 20% on a one-year basis to June 25 may reflect enduring trends.
Schectman believes gold and silver will rise in value as the U.S. meets its obligations through money printing or bond monetization due to inflation, default risk, and confiscation risk. He suggests that we haven't seen the full extent of this yet and that the numbers could be much higher than currently anticipated.
China's economy is in a funk, and people are rushing out to buy gold as a safe-haven asset to hedge against economic uncertainties, sending prices of the precious metal to record highs. The country's central bank has also gotten into the act, adding 60,000 troy ounces of gold to its stash in April, according to official data released Tuesday. It marked the 18th straight month the People's Bank of China added to its gold reserves. According to Andy Schectman, the amount of gold that China has been accumulating is significantly underreported. Officially, China claims to have around 2,600 to 2,700 metric tons, but Schectman believes they have much more. Schectman argues that China's actual gold reserves could be as high as 40,000 metric tons, much more than the official figures suggest.
Not only the china, Central banks around the world are also buying gold aggressively. In 2023, central banks added 1,037 tonnes of gold – the second highest annual purchase in history – following a record high of 1,082 tonnes in 2022.
Schectman notes that the accumulation and repatriation of gold by these countries indicate a loss of trust in the current financial system, particularly in the reliability of holding U.S. treasuries as savings. This movement towards commodities, which have no counterparty risk, underscores a significant shift in global economic strategies.
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