Gold On The Cusp of a Historic Breakout: Analysts’ Insights
Peter Schiff Foresees Gold’s Record-Breaking Future
In late November, financial commentator Peter Schiff forecasted a momentous breakout for gold, coinciding with a steep decline of the U.S. dollar. He predicted a wave of inflation, soaring interest rates, and unemployment, rejecting the possibility of a soft landing, envisioning a crash-and-burn scenario. Schiff foretold that once gold surpasses the $2,100 mark, it would face no significant resistance, leading to rapid increases in value.
Mike McGlone’s Projections for Gold and Copper
Senior Commodity Strategist at Bloomberg Intelligence, Mike McGlone, shared his perspective on gold, potentially heading toward $3,000, with copper dropping to $3 in 2024. He highlighted a trend of gold’s outperformance over copper, indicative of a global recessionary path. Schiff’s Observations on Gold Performance
On November 30, Schiff noted that gold achieved its highest monthly close ever, ending a month above $2,000 per ounce, signalling much higher prices soon to come. CNBC Reports Record High for Gold
CNBC reported gold prices surging to an all-time high following Federal Reserve Chair Jerome Powell’s statements, boosting traders’ confidence about the end of the Fed’s monetary tightening. Despite nominal records, Tai Wong, an independent metals trader, and Suki Cooper, an analyst at Standard Chartered, recognized discrepancies between gold and mining stocks’ performance, interpreting it as extreme bearishness in the market.
Hot Take: Gold’s Potential For Greater Heights
Gold’s trajectory continues to command attention, with analysts projecting a historic breakout while mining stocks struggle to match gold’s climb. The dollar’s decline and gold’s ascent indicate a fervent push for a reliable hedge against inflation. Schiff, McGlone, and others contribute critical insights that underscore the precious metal’s prominence in the competitive economy.
Rephrased version of: https://cryptoglobe.com/latest/2023/12/gold-on-the-brink-of-a-historic-breakout-analysts-weigh-in/
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