Gold and Silver surge to New Heights as Safe-Haven Demand Intensifies
September 3, 2024 – Precious metals are experiencing a powerful rally, with gold reaching record highs and silver trading at levels not seen in a decade. Driving this surge is robust investor demand for safe-haven assets amidst ongoing global economic uncertainty, according to leading market analyst Jonathan Barratt, Chief Investment Officer at ETO group.
“Gold has definitively broken through a period of consolidation, signaling further upward movement,” Barratt told ET Now. “Investor demand is overwhelmingly bullish – there’s a clear ’buy’ sentiment and virtually no one is betting against gold at this point.”
Gold’s Ascent Continues
Currently trading between $3,640 and $3,670 per ounce, gold is expected to find strong support around the $3,600 mark. While predicting precise targets at these record levels is challenging, Barratt believes the current market momentum suggests continued gains are likely, even in the face of a strengthening US dollar.
Silver poised for Outperformance
While gold currently leads the charge,Barratt anticipates silver will deliver more substantial percentage gains in the long run. He forecasts a potential move towards $50 per ounce – a price not seen since 2011.
“Silver’s potential is considerably underestimated,” Barratt explained.”Demand from the electric vehicle sector, solar panel manufacturing, and China’s commitment to a green economy will be key drivers. Moreover, potential reclassification of silver as a rare earth metal in the US could tighten supply and further boost prices.”
**Copper Also