Gold prices have hit a fresh high on hopes of US interest rate cuts from the Fed
The spot price of gold rose to a record $2,526.07 (£1,947.64) an ounce on Tuesday, up almost 0.9% on the day.
Gold bars generally weigh 400 troy ounces (12.4kg), so a standard gold bar is now worth more than $1m. Analysts have ascribed much of the rally to the prospect of interest rate cuts by central banks, led by the US Federal Reserve.
How high will the price of gold go? Here's what some experts think
Akin Investments featured by CBS News
"The fact that gold has broken out to a new all-time high and has no technical overhead supply is positive for the long term," says Stephen Akin, an investment advisor at Akin Investments in Charleston, South Carolina. "Technical analysis would indicate the price could rise to $2,300 to $2,400 within a one to two year time period."
Goldman Sachs (NYSE:GS) analysts believe gold prices will increase over the next twelve months. Furthermore, Akin Investment suggests gold prices could rise to approximately $2,400 per ounce over the following two years. However, characteristics making gold a stable investment may also mean it offers less potential for capitalizing on gains than other options: gold provides stability during uncertain times but typically appreciates less than equities and does not generate income from dividends.
This afternoon I had the opportunity speak via telephone with Luke Norman , Chairman and George Bee, President and CEO of US Gold Corp.
Here is what we discussed:
U.S. Gold Poised to Benefit from U.S. Department of Energy's Inclusion for Copper on Critical Materials List
Company's CK Gold Project in Wyoming is expected to produce copper concentrate from its open-pit mine
December 2021 PFS demonstrates strong economic potential with proven and probable reserve of 1.01 million ounces of gold and 248 million pounds of copper
CHEYENNE, Wyo., Oct. 4, 2023 /PRNewswire/ -- U.S. Gold Corp. ("U.S. Gold," the "Company," "we," "our" or "us") (Nasdaq: USAU) provided an update on its CK Gold Project (the "Project"), which is positioned to become a domestic United States producer of copper concentrate. This aligns with the increasing demand for copper due to electrification and green technologies amid growing uncertainty about overseas supply sources.
“We've had an unprecedented era of low rates," said Stephen Akin, founder of Akin Investment, a registered investment advisor. "Inflation really could get away from the Federal Reserve; it's not out of the realm of possibility.”
Nearly 60% of respondents said rising interest rates are their biggest worry, followed by regulatory requirements or changes at 45% and a lack of face-to-face communication and market volatility at 37% and 36%, respectively.
Ongoing threats from the coronavirus, inflation and legislative inertia on muni issues in Washington, among other factors, also led a majority of those in municipal finance to believe a full economic recovery won’t be reached until at least July.
Thirty-five percent of respondents said they believe a full economic recovery will happen in the second half of 2022, while 40% said they don’t believe it will happen until 2023. Fifteen percent believe it will occur during the first half of this year, and 10% believe the economy has already recovered.
Rising rates
“We've had an unprecedented era of low rates," said Stephen Akin, founder of Akin Investment, a registered investment advisor. "Inflation really could get away from the Federal Reserve; it's not out of the realm of possibility.
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