This year, we at Jalonom have closely followed the development of gold and silver prices day by day, week by week, and month by month. The eventful year of 2023 is nearing its end for precious metals as well. Gold and silver were both popular investment options in 2023. Global events and the state of the world economy were often reflected directly in the prices of gold and silver. However, both metals rose throughout the year and thus offered investors protection against the risks of economic uncertainty and inflation.
As all gold investors surely know, the price of gold has fluctuated greatly since the beginning of 2023, when it was around 1,800 USD/oz and climbed to a new historical high of 2,148 USD/oz in December. From there, it has come down a little bit to date, but it is currently up by about 13% on a year-on-year basis.
Silver investors have also been able to follow the volatile price drama, especially in the final quarter of the year, as the price of silver followed in the wake of gold and rose above 25 USD/oz in December. However, this time it did not manage to reach the previous spring’s price peak of around 26 USD/oz. There is currently just under 3% growth on a year-on-year basis. Many people who have been following the price of silver for a long time have been given new impetus and interest in silver as an investment option by these developments.
Therefore, the past year is soon to be packaged history in terms of price charts, so our sights must be set on the future and the new year 2024. The outlook for the gold and silver markets remains positive in 2024. Both metals are likely to rise, and they are still interesting investment options for investors seeking a safe haven or diversification in their investment portfolio.
We have reviewed four current news articles about precious metals from around the world and have compiled them into a summary for the new year 2024:
- Nasdaq: Analysts bullish on gold and silver
- Investorideas: Silver Boom
- Daily Reckoning: 15 000 Gold?
- Finder AU: Silver Solid Investment Option in 2024
The New Year of Gold 2024
In an article by Nasdaq, analysts predict that gold and silver are likely to rise in 2024. They refer to several factors that support this view, including general economic uncertainty, rising inflation, and geopolitical tensions. Analysts believe that gold is a good choice for investors seeking a safe haven, while silver is a good choice for investors seeking diversification and the potential for higher returns.
In an article by Daily Reckoning, James Rickards makes a bold claim that gold could reach $15,000 per ounce in 2024. Like Nasdaq, Daily Reckoning refers to general economic uncertainty, rising inflation, and geopolitical tensions. Additionally, the latter highlights the differences between gold supply and demand. Rickards bases his forecast on the technical analysis of three previous bull markets. Of course, the article is speculative, and it is difficult to say how likely it is that gold will reach this level and when.
The New Year of Silver 2024
In an article by Investorideas, the author states that silver demand is likely to rise in 2024 due to the following factors: the growing demand for electric vehicles and other renewable energy technologies, rrising inflation and geopolitical tensions. The article also states that silver supply is likely to remain stable or slightly decline in 2024. This is due to the fact that silver production has slowed in recent years.
Finder examines silver as an investment in 2024. The article states that silver is a good choice for investors who are looking for diversification and the potential for higher returns. The article also states that silver is a riskier investment than gold because the price of silver is more volatile. This is due to the fact that silver demand and supply are more sensitive to economic changes than gold demand and supply.
Gold is traditionally seen as a safe haven because its value is relatively stable. Gold is also a good diversification for a portfolio because it does not correlate strongly with stock markets. Inflation erodes the value of other assets, such as stocks and bonds, but gold tends to hold its value better during inflation. Gold markets are therefore likely to rise in 2024.
Silver is less valuable than gold, but it is still a popular investment. Silver is widely used in industry, so its demand is relatively stable. The demand for silver is also growing due to the growing demand for electric vehicles and other renewable energy technologies. Inflation also leads to growing demand for silver, as silver is used in jewelry and other consumer goods.
In conclusion, all four articles predict that gold and silver are likely to rise in 2024. The articles cite several factors that support this view, including growing economic uncertainty, rising inflation, and geopolitical tensions.
This article has been compiled with help of the Google Bard service.