Editor’s Note: This is not a “sponsored article” but it clearly lends to the notion that Americans should be backing their retirement accounts with gold and silver. Genesis Gold Group is a faith-driven precious metals company that specializes in financial stewardship aligning with Biblical stewardship. Reach out to them today.
(Discern Reporter)—Gold prices reached a new record on Monday, marking a second consecutive month of gains as the global demand for bullion continues to surge. Spot prices touched $2,100, and analysts predict that gold could maintain its momentum, potentially staying above $2,000 levels next year. Geopolitical uncertainty, a probable weaker U.S. dollar, and potential interest rate cuts are cited as factors supporting the positive outlook for gold.
The ongoing Israel-Palestinian conflict has contributed to increased demand for gold as a safe-haven asset, while expectations of interest rate cuts further bolster the precious metal. Gold has historically performed well during periods of economic and geopolitical uncertainty, given its reputation as a reliable store of value.
Heng Koon How, UOB’s Head of Markets Strategy, Global Economics and Markets Research, anticipates a retreat in both the USD and interest rates throughout 2024, identifying these as key drivers for gold. He estimates that gold prices could potentially reach up to $2,200 by the end of 2024.
Nicky Shiels, head of metals strategy at MKS PAMP, is similarly optimistic about the outlook for gold, noting that there is less leverage this time compared to 2011, suggesting the potential for prices to surpass $2,100 and reach $2,200 per ounce.
Spot gold prices reached a new high of $2,110.8 per ounce on Monday before retracing some gains, currently trading at $2,084.59. Bart Melek, head of commodity strategies at TD Securities, foresees gold prices averaging $2,100 in the second quarter of 2024. He identifies strong central bank purchases as a catalyst supporting prices, with 24% of central banks planning to increase their gold reserves in the next year, expressing growing pessimism about the U.S. dollar as a reserve asset.
Melek also highlights a potential policy shift by the Fed in 2024, suggesting that lower interest rates could weaken the dollar, making gold more attractive to international buyers. The Fed’s gradual rate hikes, initiated in March 2022, aimed at addressing rising inflation, had initially diminished gold’s appeal. However, Fed Governor Christopher Waller’s recent comments about easing policy if inflation eases over the next few months have fueled expectations of a spike in gold prices.
Despite Fed Chairman Jerome Powell’s pushback on aggressive interest rate cuts, indications suggest that the Fed may, at least for now, be done with hiking rates. BMI, a Fitch Solutions research unit, believes that interest rate cuts by the U.S. Fed, a weaker U.S. dollar, and ongoing geopolitical tension will be the main factors supporting gold in 2024.
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Independent Journalism Is Dying
Ever since President Trump’s miraculous victory, we’ve heard an incessant drumbeat about how legacy media is dying. This is true. The people have awakened to the reality that they’re being lied to by the self-proclaimed “Arbiters of Truth” for the sake of political expediency, corporate self-protection, and globalist ambitions.
But even as independent journalism rises to fill the void left by legacy media, there is still a huge challenge. Those at the top of independent media like Joe Rogan, Dan Bongino, and Tucker Carlson are thriving and rightly so. They have earned their audience and the financial rewards that come from it. They’ve taken risks and worked hard to get to where they are.
For “the rest of us,” legacy media and their proxies are making it exceptionally difficult to survive, let alone thrive. They still have a stranglehold over the “fact checkers” who have a dramatic impact on readership and viewership. YouTube, Facebook, and Google still stifle us. The freer speech platforms like Rumble and 𝕏 can only reward so many of their popular content creators. For independent journalists on the outside looking in, our only recourse is to rely on affiliates and sponsors.
But even as it seems nearly impossible to make a living, there are blessings that should not be disregarded. By highlighting strong sponsors who share our America First worldview, we have been able to make lifelong connections and even a bit of revenue to help us along. This is why we enjoy symbiotic relationships with companies like MyPillow, Jase Medical, and Promised Grounds. We help them with our recommendations and they reward us with money when our audience buys from them.
The same can be said about our preparedness sponsor, Prepper All-Naturals. Their long-term storage beef has a 25-year shelf life and is made with one ingredient: All-American Beef.
Even our faith-driven precious metals sponsor helps us tremendously while also helping Americans protect their life’s savings. We are blessed to work with them.
Independent media is the future. In many ways, that future is already here. While the phrase, “the more the merrier,” does not apply to this business because there are still some bad actors in the independent media field, there are many great ones that do not get nearly enough attention. We hope to change that one content creator at a time.
Thank you and God Bless,
JD Rucker
