How high can the price of gold go?

How high can the price of gold go?

Chart technicians see further possible upward movements if the gold price exceeds USD 2,400 per ounce.

If the gold price rises above the penultimate record high, this would pave the way for a price increase towards USD 2,540 per ounce. Opinions are extremely divided as to how high the price of gold can rise. In 2023, the gold price was still oscillating between resistance and support. Investors were happy about high yields on the bond market. In 2024, a certain nervousness seems to be spreading. The macroeconomic situation is volatile, government debt is rising, conflicts around the world and the upcoming election in the US are not leaving investors cold.

There were special gold bull markets from 1979 to 1980 and from 2010 to 2011, preceded by sharply rising inflation figures and high interest rates. In 2010 there was a recession and interest rates fell. Investors relied on gold back then because gold is a means of hedging. Today could be a similar time and continue to drive gold and silver prices. After all, central banks today also rely heavily on gold for hedging and diversification. In 2023, they will have absorbed more than a third of the gold produced.

The price of silver generally follows the price of gold, with industrial demand for silver still being a factor. Industrial demand in particular should boost the silver price. The need for silver is greater than the demand. India accounts for a large proportion of silver. India bought 76 million ounces of silver in February. This was almost the entire production volume in February. In March, India added another 32 million ounces of silver. China is even advertising on TV that its citizens should buy silver. In the near future, some analysts see silver at USD 40 per ounce and gold at USD 3,000 or more. Well-positioned, solid mining companies with gold and silver should be able to hold their own.

Sierra Madre Gold and Silver - https://www.commodity-tv.com/play/sierra-madre-gold-silver-ceo-on-the-first-shipment-of-silver-gold-concentrate-and-upscaling-plans/ - has projects in Mexico that contain gold and silver. This includes the revitalization of the La Guitarra mine as well as the exploration and development of the Tepic property.

Vizsla Silver - https://www.commodity-tv.com/play/vizsla-silver-ceo-on-the-exceptional-pea-figures-and-further-steps-towards-production/ - also owns gold and silver, and the Panuco project is also located in Mexico. Even visible gold has already been found.

Current company information and press releases from Sierra Madre Gold and Silver (- https://www.resource-capital.ch/de/unternehmen/sierra-madre-gold-and-silver-ltd/ -) and Vizsla Silver (- https://www.resource-capital.ch/de/unternehmen/vizsla-silver-corp/ -).

In accordance with §34 WpHG, I would like to point out that partners, authors and employees may hold shares in the companies mentioned and that there is therefore a possible conflict of interest. No guarantee for the translation into German. Only the English version of this news is valid.

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