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By Faith Ashmore, Benzinga
In early April, the price of gold skyrocketed to a record-breaking high of $2,266.8 per troy ounce, marking another significant milestone for the gold market. The rise in gold prices has been consistent over the past few years. In 2023, the LBMA (PM) gold price reached a remarkable year-end close of $2,078.4 per ounce, setting a new record high. This performance resulted in an impressive annual return of 15%.
Throughout 2023, the average gold price was strong at $1,940.54 per ounce, 8% higher than in 2022. Experts are expecting 2024 to be yet another impressive year for gold. The precious metal is even attracting the attention of big retailers like Costco (NASDAQ: COST). Last September, Costco began offering gold bars for sale and saw success surpassing $100 million in sales during their first fiscal quarter of 2024. This surge in demand for gold suggests a growing global unease heightened by the uncertainty often experienced in election years as investors turn to less risky alternatives like gold in lieu of stocks.
Given l the growing economic and political turmoil around the world, many expect golds historic run to continue. The upcoming and hotly contested U.S. presidential election and ongoing regional conflicts like the Russia-Ukraine war and the Israel-Hamas war will likely further fuel the demand for gold as a safe haven investment. Generally, the appeal of gold becomes even more pronounced when interest rates decline. As interest rates drop, traditional income-generating assets like bonds lose their luster compared to the tangible value of precious metals like gold. So, if the Fed does, in fact, cut rates as it has indicated, gold may shine even brighter in 2024.
A Cup And Handle Pattern Forming?
The cup and handle theory is a popular technical analysis pattern used in finance that can provide insights into the potential price movements of a given asset. This pattern typically forms after a prolonged uptrend and is characterized by a cup-shaped formation followed by a smaller consolidation stage known as the handle. The cup is formed when the price experiences a decline of at least 20%. The handle, on the other hand, is a smaller downward drift in price before the stock resumes its upward momentum.
Some analysts believe that gold is approaching the handle part of this pattern which would indicate a bullish continuation pattern. Investors and traders who are familiar with this pattern may use it as a signal to make decisions regarding buying or selling gold.
How To Invest In Gold And Capitalize On This Gold Rush
There are several ways to acquire gold, including purchasing physical gold, gold exchange-traded funds (ETFs) and gold mining stocks. Working with a trusted precious metals dealer is one way to ensure that you make the best choice. Priority Gold is a well-established precious metals dealer with its headquarters in Dallas, Texas. The company has earned a reputation as one of the industry's most trusted and reliable companies. They have been accredited with an A+ rating by the Better Business Bureau (BBB), an AAA Rating with Business Consumer Alliance and a 5-star rating with TrustLink.
The company offers a range of services related to precious metals, including the buying and selling of physical gold and silver. They also provide expertise and guidance in acquiring precious metals, particularly through Gold IRA options. Priority Gold has an extensive inventory of gold and silver products, making them a valuable resource for anyone seeking to diversify their portfolios with precious metals.
The company has even gotten a stamp of approval from American commentator, author, TV and radio host Lou Dobbs: Theres a reason that Priority Gold is Americas Precious Metals Dealer. Theyre an A+ rated company and committed to complete customer satisfaction. It is anticipated that by the end of 2024, the price of gold could exceed $2,300 and projections indicate that the price of XAU/USD will continue to climb in the period between 2024 and 2030 with XAU being the benchmark Philadelphia Gold and Silver Index. In the most optimistic scenario, experts believe gold prices could even hit above $4,000/oz. by 2030. With some predicting that 2024 could see gold surpass its previous all-time high, having a trusted gold dealer like Priority Gold can be key to capitalizing on the growth in demand for precious metals as a vital component of a well-diversified portfolio.
Featured photo by Jingming Pan on Unsplash.
Priority Gold is known as "America's Precious Metals Dealer" and is one of the leading precious metals retailers in the United States. Headquartered in Dallas, Texas, the company focuses on helping customers diversify their savings and retirement holdings with precious metals. They are also proud partners of the World Champion Texas Rangers major league baseball team! Since its inception in 2015, Priority Gold has played a pivotal role in facilitating IRA rollovers into gold and silver, collaborating with Preferred Trust Company to provide custody services. The company has earned top accolades such as an A+ rating from BBB, AAA rating from Business Consumer Alliances, and a 5-star rating on Trustlink.
This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice.
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