Gold proves the rally isn’t over by reaching another record high. These impressive moves attract many investors, yet many are unprepared for what is likely to happen next.
In this week’s The Gold Spot, Scottsdale Bullion & Coin Precious Metals Advisors Kathem Martin and Precious Metals Advisor Todd Graf explain what’s fueling the yellow metal’s rally and the importance of making a move sooner rather than later.
Gold Prices Crack $2,500
Last Friday, August 16, 2024, gold surged to $2,500 an ounce for the first time. This is a significant number for a few reasons. First and foremost, $2,500 is a psychological barrier that signals bullish sentiment and upward momentum when surpassed.
Plus, this most recent record puts gold in line with analyst’s average price predicted for 2024, and there are still four months to go!
Average Gold Bullion Bar Now Worth Over $1 Million
This recent peak also means that gold delivery bars – the 400/oz bullion bars traded by central banks – are worth over $1 million for the first time.
What’s Driving this Gold Rally?
Rates Cuts
(UPDATE) On Friday, August 23, 2024, Federal Reserve Chair Jerome Powell finally indicated interest rate cuts were on the horizon. Powell stated during his speech at the annual Jackson Hole, Wyoming retreat, “The time has come for policy to adjust.” The Fed chairman did not specify how big or when these cuts would occur, but many believe the first-rate reductions will come in September.
Regardless, the Fed’s signaling sent markets moving, with the spot price of gold hitting an intra-day high of $2,519.40/oz.
Geopolitical Instability
The geopolitical landscape is increasingly unstable as wars in Eastern Europe and the Middle East threaten to boil over into larger conflicts. This global instability forces many people out of vulnerable markets and into safe-haven assets like gold, to say nothing of the deteriorating US-Chinese relations.
Central Bank Gold Buying
Central bank gold buying shattered records in the first half of 2024, underscoring the global lack of faith in the US dollar and fiat currency. As the wealthiest investors in the world, government banks heavily influence gold prices.
“The central banks are trying to buy as much gold as they can.” – Precious Metals Advisor Kathem Martin
With central bank gold demand expected to increase, this influx of investments is likely to push gold prices even higher.
Retail Demand
Retail investor demand is also elevating gold prices as safe-haven demand rises in the face of growing economic pressures. Chinese investors have led the retail charge into gold assets as the Chinese economy faces severe headwinds from a weakening Yuan and a crumbling stock market.
Don’t Wait to Buy Gold, Buy Gold and Wait
Amidst record-breaking gold prices, many investors find themselves like deer caught in headlights—fascinated by the market but paralyzed with indecision. This hesitation, however, can be costly. The time-honored wisdom of buying gold and waiting, rather than waiting to buy gold, has never rung truer.
“Things are moving very fast. A lot of folks are coming into this market more unprepared…than in the past.” – Precious Metals Advisor Kathem Martin
The factors driving gold’s surge remain robust, signaling that this upward momentum is far from over. Experts are raising their gold price predictions in light of these strong indicators.
If you want to learn more about investing in gold, contact one of our precious metals advisors by calling toll-free at 1-888-812-9892 or using our live chat function.
Happy 20th Anniversary to Eric Sepanek!
This August marks a remarkable milestone for Scottsdale Bullion & Coin’s founder, Eric Sepanek, as he celebrates 20 years in the precious metals industry.
Two decades ago, Eric had the vision of helping people protect their wealth through investing in precious metals. Fast-forward to today, and Eric has not only consulted thousands of clients, but also significantly influenced the precious metals industry. His mentorship has helped many Precious Metals Advisors grow professionally, expanding SBC’s mission and expertise.
Eric’s unwavering commitment to his clients, his team, his relentless pursuit of excellence, and his fearless dedication to transparency have helped SBC grow into the trusted company it is and that many rely on today. We are grateful for his passion, support, and the impact he’s had on both the industry and everyone at Scottsdale Bullion & Coin.
As we celebrate this achievement, we also look forward to the next 20 years, confident that Eric’s vision will continue to guide SBC through future challenges and successes. Here’s to many more years of growth and prosperity!
Gold proves the rally isn’t over by reaching another record high. These impressive moves attract many investors, yet many are unprepared for what is likely to happen next.
In this week’s The Gold Spot, Scottsdale Bullion & Coin Precious Metals Advisors Kathem Martin and Precious Metals Advisor Todd Graf explain what’s fueling the yellow metal’s rally and the importance of making a move sooner rather than later.
Gold Prices Crack $2,500
Last Friday, August 16, 2024, gold surged to $2,500 an ounce for the first time. This is a significant number for a few reasons. First and foremost, $2,500 is a psychological barrier that signals bullish sentiment and upward momentum when surpassed.
Plus, this most recent record puts gold in line with analyst’s average price predicted for 2024, and there are still four months to go!
Average Gold Bullion Bar Now Worth Over $1 Million
This recent peak also means that gold delivery bars – the 400/oz bullion bars traded by central banks – are worth over $1 million for the first time.
What’s Driving this Gold Rally?
Rates Cuts
(UPDATE) On Friday, August 23, 2024, Federal Reserve Chair Jerome Powell finally indicated interest rate cuts were on the horizon. Powell stated during his speech at the annual Jackson Hole, Wyoming retreat, “The time has come for policy to adjust.” The Fed chairman did not specify how big or when these cuts would occur, but many believe the first-rate reductions will come in September.
Regardless, the Fed’s signaling sent markets moving, with the spot price of gold hitting an intra-day high of $2,519.40/oz.
Geopolitical Instability
The geopolitical landscape is increasingly unstable as wars in Eastern Europe and the Middle East threaten to boil over into larger conflicts. This global instability forces many people out of vulnerable markets and into safe-haven assets like gold, to say nothing of the deteriorating US-Chinese relations.
Central Bank Gold Buying
Central bank gold buying shattered records in the first half of 2024, underscoring the global lack of faith in the US dollar and fiat currency. As the wealthiest investors in the world, government banks heavily influence gold prices.
“The central banks are trying to buy as much gold as they can.” – Precious Metals Advisor Kathem Martin
With central bank gold demand expected to increase, this influx of investments is likely to push gold prices even higher.
Retail Demand
Retail investor demand is also elevating gold prices as safe-haven demand rises in the face of growing economic pressures. Chinese investors have led the retail charge into gold assets as the Chinese economy faces severe headwinds from a weakening Yuan and a crumbling stock market.
Don’t Wait to Buy Gold, Buy Gold and Wait
Amidst record-breaking gold prices, many investors find themselves like deer caught in headlights—fascinated by the market but paralyzed with indecision. This hesitation, however, can be costly. The time-honored wisdom of buying gold and waiting, rather than waiting to buy gold, has never rung truer.
“Things are moving very fast. A lot of folks are coming into this market more unprepared…than in the past.” – Precious Metals Advisor Kathem Martin
The factors driving gold’s surge remain robust, signaling that this upward momentum is far from over. Experts are raising their gold price predictions in light of these strong indicators.
If you want to learn more about investing in gold, contact one of our precious metals advisors by calling toll-free at 1-888-812-9892 or using our live chat function.
Happy 20th Anniversary to Eric Sepanek!
This August marks a remarkable milestone for Scottsdale Bullion & Coin’s founder, Eric Sepanek, as he celebrates 20 years in the precious metals industry.
Two decades ago, Eric had the vision of helping people protect their wealth through investing in precious metals. Fast-forward to today, and Eric has not only consulted thousands of clients, but also significantly influenced the precious metals industry. His mentorship has helped many Precious Metals Advisors grow professionally, expanding SBC’s mission and expertise.
Eric’s unwavering commitment to his clients, his team, his relentless pursuit of excellence, and his fearless dedication to transparency have helped SBC grow into the trusted company it is and that many rely on today. We are grateful for his passion, support, and the impact he’s had on both the industry and everyone at Scottsdale Bullion & Coin.
As we celebrate this achievement, we also look forward to the next 20 years, confident that Eric’s vision will continue to guide SBC through future challenges and successes. Here’s to many more years of growth and prosperity!
, Gold Cracks $2,500/oz. What’s Next?
