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Will Gold Soon Hit $3,000 or $3,500? It depends on whom you ask.

by Cher CusumanoMay 6, 2024
several 3d gold question marks

The Economist Forecasting a 30% Upside for Gold

Renowned economist David Rosenberg believes gold could soar to $3,000 an ounce (from a recent high of around $2,400). There are a few reasons why he believes this. First, there are the usual suspects: central banks are gobbling it up, global hostilities are simmering, US debt is predictably out of control, and falling interest rates could be on the horizon.

But here's the one we don't often hear about: 

“The boom in circuitry manufacturing as producers work around the clock to meet the insatiable asset for AI-related models is certainly a tailwind for physical gold demand that will not disappear anytime soon,” Rosenberg wrote.

That's right: gold (not just silver) is an industrial metal-and one that is in high demand as the AI-craze rages on.

The Market Researcher & Strategist Who Foresees a 50% Jump

Then there's Ed Yardeni's $3,500 gold prediction. His reasons are fewer, but his expectations are greater. The president of Yardeni Research cites the potential for severe inflation as the primary driver of gold prices. He notes that surging oil prices only aggravate the inflation problem and that the conflict in the Middle East likely means that oil prices will only continue to get worse. So, on the point of international tensions spurring gold higher, Rosenberg and Yardeni seem to agree.

The Big Bank Analysts 

Even as small price corrections occur, more and more market experts are jumping on the exploding-gold-prices-bandwagon. Analysts at Citibank Group and Bank of America have pegged the price of gold at $3,000. Goldman Sachs analysts, on the other hand, are a bit more vague, saying only that gold prices could exceed $3,000. The consensus among these number crunchers is that strong global demand and geopolitical uncertainty will likely spur gold to new highs.

Rosenberg, Yardeni, and a growing number of financial institutions all make compelling arguments that the gold rally is far from over.  In fact, Rosenberg feels so strongly about gold that he went so far as to offer this advice to his readers:

“The read-through for investors is straightforward: make sure you have gold in your portfolio, and overweight it. The downside risks are well contained (though a very near-term correction is not impossible and should be looked through), but the upside is tantalizing,” he concluded.

Overweight it, he said. Plenty of financial experts recommend diversifying into precious metals to varying degrees. However, such enthusiastic, "tantalizing" praise of gold is not heard every day and should be noted with special attention. Is this a pivotal moment? A rare opportunity? You're here. What better time to heed Rosenberg’s advice? Call 800-576-9355 to get started (or add to your position) in gold.

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