2023-12-28 23:45:00
Senior gold observers predict: The central bank’s crazy buying of gold has aroused global attention, and the price of gold will rise to US$2,200 in 2024
Gold prices hit a record high this month, and one veteran gold watcher predicts further sharp gains for the precious metal in 2024.
The price of gold reached $2,144 per ounce on December 3. As of last Thursday, gold was trading at $2,075.39, up about 14% from October.
John Ing, a senior gold analyst and president and CEO of Canada’s Maison Placements, told BNN Bloomberg that he believes gold will reach $2,200 an ounce next year – a goal he has “been talking about for years.”
Ing said in a television interview on Thursday that although economic conditions in the United States and Canada have slowed recently, he believes the fight against inflation is far from over and expects gold prices to continue to rise and serve as a safe haven. .
“There are still momentum forces for inflation and I’m looking forward to higher gold prices,” Ing said.
Ing noted that central banks have been buying the commodity at a “record pace” in the gold market this year, defying the dollar’s decline. “The use of the dollar is declining from a trade perspective, so I believe central banks are hedging and diversifying,” he explained.
With “few” major discoveries in recent years, there is less gold available on the market, Ing noted. He sees this as another factor pushing up gold prices.
“It now takes 10 years to get gold from initial exploration to actual production. That’s the situation now,” Ing noted.
He added that these challenges also partly explain the increase in M&A activity in the gold industry in 2023.
“When I look at the gold mining industry, less gold is coming into the market and costs are increasing, so these gold stocks look very attractive,” Ing said.
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