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4.5.24 - Veteran strategist: gold is headed to $3,000
Gold last traded at $2,322 an ounce. Silver at $27.39 an ounce.
Veteran strategist says grab your hammer and pick - gold is headed to $3,000 -MarketWatch
Gold has been 2024's dark horse asset, logging record after record since early March and a roughly 11% gain for investors in 2024.
The run for the commodity GC00 has caused some head-scratching. As a rule of thumb, falling interest rates make gold more attractive to hold as it's a nonyielding asset, and hopes for easing this year are high.
Some, like Commerzbank, caution that increasing uncertainty over Fed cuts will be a headwind for the metal. "We doubt that the Fed will embark on a pronounced easing cycle and therefore see limited further upside potential for gold in the medium term," Commerzbank analyst Thu Lan Nguyen told clients on Wednesday.
But move over doubters, because our call of the day from the founder and president of Rosenberg Research, David Rosenberg, sees gold headed to $3,000 or even higher, and not just driven by the Fed.
"With an easing cycle on the horizon, global growth weak and looking weaker, and inflation on its last leg of decline, we're of the view that the tailwinds blowing gold to new highs are about to get a lot stronger," said Rosenberg, in a note to clients.
He points to increased demand by global central banks fretting about China's yuan and an overreliance on the dollar, and strong appetite by retail gold markets, such as a booming India.