Bitcoin News and Finance Amid Gold’s Recent Slide, Experts Predict a Shining Future with Potential Highs Beyond $2,500 by 2024 Skip to main content

Amid Gold’s Recent Slide, Experts Predict a Shining Future with Potential Highs Beyond $2,500 by 2024

In recent times, gold and silver have faced a downtrend, with gold losing over 2% of its value in the past month and silver tumbling more than 5% against the U.S. dollar. Even amid gold’s rather uninspiring performance this last month, David Neuhauser, the founder of the investment company Livermore Partners, forecasts that gold’s worth could rise to $2,500 by the close of 2024.

From Slump to Surge: Some Expect Gold to Bounce Back

Approximately three years ago, in August 2020, gold soared to an unprecedented peak, hitting $2,074 per ounce, while silver simultaneously reached a high of around $28 per ounce on August 6 of the same year.

Since then, however, the luster has faded from these precious metals, and prices have slid downward. As of August 12, 2023, gold’s current trading price stands at $1,913 per ounce, with silver trailing at $22.67 per ounce.

Earlier in the month, on August 1, the World Gold Council (WGC) published the latest Gold Demand Trends report, shedding light on gold’s performance in the first half of the year, buoyed by a high level of central bank acquisitions.

The WGC further elaborated that the half-year success of gold was bolstered by thriving investment markets and a resilient demand for jewelry. However, even amidst these favorable conditions, the report divulged that gold demand (excluding over-the-counter or OTC) experienced a 2% year-over-year dip to 921 tons during the second quarter.

“Inclusive of OTC and stock flows, total demand strengthened 7% y/y to 1,255t,” the WGC’s Gold Demand Trends Q2 2023 report clarified. Although gold and silver have lost ground in the past month and remain significantly below their 2020 peaks, some industry experts retain an optimistic outlook, foreseeing bullish trends toward the close of 2023 and 2024.

In an email sent to CNBC, Bart Melek, TD Securities’ managing director and global head of commodity strategy, shared his perspective that gold could rise above $2,100 in the latter part of 2023 or the commencement of 2024. Melek attributed this optimistic projection to the U.S. Federal Reserve’s quantitative tightening, pinpointing it as the catalyst for the bullish forecast.

Additionally, Livermore Partners’ founder, David Neuhauser, conveyed to CNBC’s Lee Ying Shan that he foresees gold reaching the remarkable milestone of $2,500 by the conclusion of the upcoming year. “2024 is when I see gold breaking out and reaching new highs and beyond,” Neuhauser said.

“My target is $2,500 by the end of 2024 … Much of this has to do with the fact that recessionary forces may take hold beginning later this year and gain steam in 2024,” the Livermore Partners executive added.

In a report from Capital.com, ANZ research provided a prediction in May 2023, anticipating that gold could be trading at $2,100 by the close of 2023, and near $2,200 by September 2024. Furthermore, the same report reveals that Walletinvestor, an algorithm-driven price prediction platform, explains that the precious metal’s price will surge to $2,289 by May 2028.

What do you think about the experts who believe gold has a bullish future ahead? Or do you see gold’s downtrend continuing? Share your thoughts and opinions about this subject in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory