Revisiting the 2024 Gold Price Predictions
The GoldSilver Team
JUN 1, 2024
At the start of each year, we at GoldSilver.com like to review forecasts from major banks, financial institutions, and respected analysts to gauge the market sentiment towards gold. These insights form our annual Gold Price Prediction article, offering a comprehensive outlook for the year.
With several months of impressive gains already behind us, it’s time to revisit these predictions and speculate where gold might head next.
And speaking of gold, did you know which coin originated in Venice and was widely circulated for over five centuries? Its widespread acceptance and trustworthiness made it incredibly popular throughout Europe and was soon mimicked by other ancient societies. Not sure? We’ll delve into that soon.
But first, let’s start with the latest news.
Ancient 2,300-Year-Old Gold Ring Unearthed in Jerusalem
Archaeologist Tehiya Gangate recently discovered a 2,300-year-old gold ring in Jerusalem, believed to have belonged to a child from the Hellenistic period. According to a statement from the Israel Antiquities Authority (IAA), the ring was crafted by hammering small pre-cut gold leaves into a metal base, dating it to around 300 BC.
Credit Card Delinquencies Rise to 14-Year High
Consumers are increasingly struggling to pay their credit card bills, with severe delinquencies rising to 10.7% in the first quarter — a 14-year high, according to the Federal Reserve Bank of New York. This significant increase from 8.2% a year ago coincides with total credit card debt climbing to $1.12 trillion. The data shows younger consumers, particularly those in their 20s and 30s, are finding it hardest to manage their payments due to lower earnings and savings.
Four Tech Titans Propel Stock Market to New Highs on AI Hopes
Nvidia, Microsoft, Apple, and Alphabet alone added over $1.4 trillion in value this month, more than all other S&P 500 stocks combined. Nvidia, boosted by AI demand, accounted for half of this gain. While AI advancements, like the launch of ChatGPT, have fueled significant growth, there are concerns that the surge may echo the unsustainable profit levels seen in previous market bubbles.
UBS Forecasts Silver Could Hit $38 by Mid-2025
UBS anticipates continued silver outperformance, with industrial demand, particularly from the photovoltaic sector, rising significantly. Now UBS has revised their silver forecast, projecting the metal to reach $36 by the end of 2024 and $38 by June 2025.
The Act required issuers of securities to provide truthful and complete information about their offerings, enabling investors to make informed decisions. The requirement for detailed financial disclosures helped establish a culture of transparency and accountability in the financial markets. By ensuring that investors had access to accurate information, the Act helped rebuild trust in the stock market, which was crucial for economic recovery.
You’ve likely heard of the famous California Gold Rush of 1849, but did you know it wasn’t the first gold rush in the United States? In fact, back in 1803, one of these states had its very own gold rush:
A. North Carolina
B. Florida
C. Georgia
D. Kentucky
Scroll to the bottom of this email for the answer...
The Widespread Acceptance of The Gold Ducat
In 1284 A.D., Venice introduced the gold Ducat, a coin that not only became the most popular in the world but also set a standard for currency that lasted over five centuries.
The Ducat, or the “Duke’s Coin” in Medieval Latin, quickly gained prominence due to its consistent weight and purity, which were meticulously maintained by the Venetian mint. Each Ducat contained approximately 3.5 grams of gold with a purity of 99.47%, making it a reliable and highly valued currency in trade.
What set the Ducat apart from other coins of its time was its widespread acceptance and trustworthiness. Merchants and traders across Europe and the Mediterranean favored the Ducat because they could count on its value and quality.
What’s truly interesting about the Ducat is that its influence extended beyond Europe. It was widely used in the Ottoman Empire and even reached parts of Asia, demonstrating gold’s acceptance in global trade. The coin's design and specifications were so admired that many other states and empires minted their own versions of the Ducat, trying to emulate its success.
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Checking In on Gold's Performance in 2024
In 2023, gold climbed an impressive 13.3%. So far in 2024, gold has already matched that outstanding run.
Starting the year at $2,063, gold is now trading around $2,335 as of May 31, 2024, reflecting a 13.2% year-to-date gain. At gold’s peak on May 20, gold closed at $2,433.90 — for gains as high as 18% this year.
Comparing the Forecasts
At the beginning of the year, many experts were cautiously optimistic, with most predictions ranging between $1,800 and $2,200 per ounce.
| Analyst/Firm | 2024 Gold Price Prediction |
| World Bank | $1,900 |
| ING | $2,100 |
| Goldman Sachs | $2,133 |
| Wells Fargo | $2,100 - 2,200 |
| UBS Bank | $2,200 |
| Citigroup | $2,400 |
| Bank of America | $2,400 |
| Ronald Stoeferle, Incrementum AG | $2,500 |
| Zach Scheidt, Rich Retirement Letter | $3,000 |
| Juerg Kiener, Swiss Asia Capital | $2,500 - 4,000 |
| Robert Kiyosaki | $5,000 |
Updated Projections
Given gold’s bullish performance this year, some financial institutions have updated their forecasts to reflect the ongoing strength in the gold market:
- UBS initially projected gold to reach $2,200 in 2024. Now they predict gold could reach $2,600 by the end of the year.
- Goldman Sachs changed their forecast from $2,133 to $2,700 this year.
- Citi also updated their initial gold forecast of $2,400. Now Citi suggests that gold could hit $3,000 by 2025.
- Bank of America has also increased its forecast from $2,400 to $3,000 by 2025.
With updated forecasts from major banks signaling confidence in further gains, gold investors have plenty of reasons to remain optimistic.
That will wrap up another weekly issue of GoldSilver Nuggets. We'll be back with more news and updates next week!
Best,
Brandon S.
GoldSilver
You’ve likely heard of the famous California Gold Rush of 1849, but did you know it wasn’t the first gold rush in the United States during the 19th century? In fact, back in 1803, one of these states had its very own gold rush:
A. North Carolina
B. Florida
C. Georgia
D. Kentucky
Answer – A. North Carolina
In 1799, a 17-pound gold nugget was found in Cabarrus County, North Carolina. Just a few years later, in 1803, more gold was discovered at Little Meadow Creek, sparking the first gold rush in U.S. history, long before the famous California Gold Rush of 1849.