At the start of each year, we at GoldSilver.com like to look at forecasts from major banks, financial institutions and respected analysts to gauge market sentiment towards gold. This information constitutes our annual report Article on gold price predictionproviding a comprehensive outlook for the year.
With several months of impressive gains already behind us, it's time to revisit those predictions and speculate on where gold might be headed.
And speaking of gold, did you know which coin originated in Venice and circulated widely for over five centuries? Its widespread acceptance and reliability made it incredibly popular throughout Europe and was quickly imitated by other ancient societies. Not sure? We will come back to this soon.
But first let's start with the latest news.
Ancient 2,300-year-old gold ring discovered in Jerusalem
Archaeologist Tehiya Gangate recently discovered a 2,300-year-old gold ring in Jerusalem, believed to have belonged to a child from the Hellenistic period. According to a statement from the Israel Antiquities Authority (IAA), the ring was made by hammering small, pre-cut gold sheets into a metal base, dating to around 300 BC.
Credit card defaults hit 14-year high
Consumers are finding it increasingly difficult to pay their credit card bills, with serious delinquencies reaching 10.7% in the first quarter – a 14-year high, according to the Federal Reserve Bank of New York. This significant increase from 8.2% a year ago coincides with total credit card debt reaching $1.12 trillion. Data shows that younger consumers, particularly those in their 20s and 30s, are finding it harder to manage their payments due to declining income and savings.
Four tech titans are driving the stock market to new heights on AI hopes
Nvidia, Microsoft, Apple and Alphabet alone added more than $1.4 trillion in value this month, more than all other S&P 500 stocks combined. Nvidia, driven by demand for AI, accounts for half of this gain. Although advances in AI, such as the launch of ChatGPT, have fueled significant growth, some fear that this rise will echo the unsustainable profit levels seen during previous market bubbles.
UBS predicts silver could hit $38 by mid-2025
UBS expects silver to continue to outperform, with industrial demand, particularly from the photovoltaic sector, up significantly. UBS revised its forecast for silver, predicting that the metal will reach $36 by the end of 2024 and $38 by June 2025.
The law required issuers of securities to provide true and complete information about their offerings, allowing investors to make informed decisions. The requirement for detailed financial disclosures has helped establish a culture of transparency and accountability in financial markets. By ensuring that investors have access to accurate information, the law helped restore confidence in the stock market, which is crucial to economic recovery.
You've probably heard of the famous California Gold Rush of 1849, but did you know that it wasn't the first gold rush in the United States? In fact, in 1803, one of these states experienced its own gold rush:
A. North Carolina
B. Florida
C. Georgia
D. Kentucky
Scroll to the bottom of this email for the response…
Widespread acceptance of the Golden Ducat
In 1284 AD, Venice introduced the gold Ducat, a coin that not only became the most popular in the world, but also established a monetary standard that lasted for more than five centuries.
The Ducat, or “duke's coin” in medieval Latin, quickly rose to prominence due to its consistent weight and purity, meticulously maintained by the Venetian Mint. Each ducat contained approximately 3.5 grams of gold with a purity of 99.47%, making it a reliable and highly valued currency in trade.
What distinguished the Ducat from other coins of its era was its widespread acceptance and reliability. Merchants and traders throughout Europe and the Mediterranean preferred the Ducat because they could rely on its value and quality.
What's really interesting about the Ducat is that its influence extends beyond Europe. It was widely used in the Ottoman Empire and even reached parts of Asia, demonstrating the acceptance of gold in global trade. The design and specifications of the coin were so admired that many other states and empires minted their own versions of the Ducat, trying to emulate its success.
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Checking Gold's Performance in 2024
In 2023, gold is up an impressive 13.3%. So far in 2024, gold has already matched this exceptional run.
Starting the year at $2,063, gold is now trading around $2,335 as of May 31, 2024, reflecting a 13.2% year-to-date gain. At gold's peak on May 20, gold closed at $2,433.90, a gain of up to 18% this year.
Compare forecasts
At the start of the year, many experts were cautiously optimistic, with most forecasts falling between $1,800 and $2,200 per ounce.
Analyst/Firm | Gold Price Prediction for 2024 |
world Bank | $1,900 |
ING | $2,100 |
Goldman Sachs | $2,133 |
Wells Fargo | $2,100 – $2,200 |
UBS Bank | $2,200 |
Citi Group | $2,400 |
Bank of America | $2,400 |
Ronald Stoeferle, Incrementum AG | $2,500 |
Zach Scheidt, rich retirement letter | $3,000 |
Juerg Kiener, Swiss Capital of Asia | $2,500 to $4,000 |
Robert Kiyosaki | $5,000 |
Updated projections
Given gold's bullish performance this year, some financial institutions have updated their forecasts to reflect continued strength in the gold market:
With updated forecasts from major banks signaling confidence in further gains, gold investors have plenty of reasons to remain optimistic.
This will conclude another weekly issue of GoldSilver Nuggets. We'll be back with more news and updates next week!
Best,
Brandon S.
Gold Silver
You've probably heard of the famous California Gold Rush of 1849, but did you know that it wasn't the first gold rush in the United States during the 19th century? In fact, in 1803, one of these states experienced its own gold rush:
A. North Carolina
B. Florida
C. Georgia
D. Kentucky
Answer – A. North Carolina
In 1799, a 17-pound gold nugget was found in Cabarrus County, North Carolina. A few years later, in 1803, more gold was discovered at Little Meadow Creek, sparking the first gold rush in U.S. history, well before the famous California Gold Rush of 1849.