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Gold sets stunning new all-time high

Gold prices opened this week with a bang – setting a new all-time price record as Monday trading got underway. The bulls closed out last week around £1,610 but within minutes of the new week were on the ascent, rapidly gaining over £75 to set a stunning new record of £1,685.

The good news if you didn’t heed our advice to buy gold last week is that you have a second chance to do so now. With a stronger dollar, prices have declined and are currently trading around £1,605. With Monday’s price record a preview of what is set to come in 2024, don’t let this opportunity to buy below record highs slip through your fingers.

MKS Pamp’s Nicky Shiels says we can expect to see gold trailblazing a path through the price charts over the next 12 months. “We remain positive for Gold and our bullish expectations have been brought forward into Q1’24; we do not believe Mondays breakup/out is ‘it’ for 2024,” she explained. “The ongoing de-dollarization and/or the underlying fear over an upcoming recession, in which disinflation trends can allow for Fed cuts, is now extremely bullish not just supportive.”

Standard Chartered Bank’s precious metals analyst Suki Cooper says that gold prices will catch additional momentum when rate cuts kick in. At present, it’s thought this will take place in the latter half of the year. “Expect the price to rise lastingly to £1,690 per troy ounce in the second half of 2024 when the Fed begins lowering its interest rates,” says Commerzbank’s Carsten Fitch.

It’s important to note rate cuts could occur sooner if U.S. employment and economic data gives the Feds cause for concern. Incrementum AG managing partner, Ronald-Peter Stoeferle said that all the signs of an economic slowdown are now visible, meaning the Feds may hit the “panic button” and begin cutting rates sooner than expected.

“Obviously the yield curve we’ve seen steepening lately, which is the ultimate sign that we’re moving into recession, then the leading economic indicator, which has a perfect track record, but also credit is now contracting, so our indicators are clear, we’re moving into recession,” he states.

Buy gold now before prices ignite once again and move into unchartered territory.

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