2023-08-14 16:34:29
Recently, the demand for gold and silver has decreased quite a bit, which is also well reflected in the exchange rate level. Compared to the US dollar, the purchase price of gold fell by 2% last month, while that of silver fell by 5%. What can we expect in the future? The development of the gold price surprised many, but according to David Neuhauser, who is the founder of the investment company Livermore Partners, there is no reason to worry. The businessman believes that the value-preserving tool will survive this period without any problems and its value may reach up to $2,500 by 2024. Interest in the precious metal has waned several times in the past, but it has always managed to return – they are confident that this time as well. Will gold continue its downward flight or will it be able to make a comeback? About 3 years ago, in August 2020, the price of gold began to skyrocket without precedent. This resulted in 1 ounce (28.35 grams) costing $2,074. In the same year, silver also performed well, and on August 6, its purchase price reached $28 per ounce. However, the acquisition fever has now subsided and there are those who believe that the reign of gold is over once and for all. At the time of writing, gold is $1,909 per ounce, while silver is $22.67. On August 1, the World Gold Council published the latest Gold Demand Trends report, in which the performance of gold this year was detailed. The WGC explained in detail that in the first 6 months of the year, the gold price was kept at an excellent level by the booming investment market and the demand for jewelry. At the same time, they also talked regarding the current downturn, which, according to speculation, was also related to the actions of the Chinese central bank. Despite all this, Bart Melek, managing director of the TD Securities investment bank, shares Neuhauser’s views and estimates that by the end of 2023, the price of gold might be as high as $2,100. Melek attributed the hopeful forecast to the efforts of the American central bank. For now, it is questionable who we can trust, so it is better to be careful regarding our investments.
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