The Experts on Gold
Gold has always been a source of economic stability and peace of mind for investors. In 2024, these experts agree that gold could have a breakout moment as the economy slows, debt continues to rise, consumers continue to be squeezed, and the world seems to continue spinning out of control.
“Since the March bottom, gold has surged more than 20% and is now challenging levels last seen in 2012 … During March’s volatility gold was sold, along with virtually every other asset, as investors scrambled to raise cash. But while holding gold was not particularly effective day-to-day, as the last three months have demonstrated, we’re still in a regime favorable for gold.”1
Russ Koesterich, Portfolio Manager, BlackRock’s Global Allocation Fund
“I am positive on gold as I believe that the Fed will tilt policy away from its current restrictive mode. This I believe will happen before the 2% inflation target is reached.”2
Bart Melek, TD Securities’ Managing Director, Global Head of Commodity Strategy
“We’re in a very prime place where we think gold ownership and long allocation to gold and silver is something that acts as both a late cycle diversifier and something that will perform as we look to the next sort of 12, 18 months.”3
Greg Shearer, Executive Director of Global Commodities Research, JP Morgan Chase
“Gold has long been viewed as a ‘safe haven’ for investors in a slowing economy. Now may be a good time to add it to your portfolio … While gold’s prospects depend heavily on the direction of the U.S. dollar and interest rates, its traditional role as a safe-haven asset during difficult economic times and as a hedge against slowing growth, along with potential long-term support from central bank buying, may signify its growing importance in an investment portfolio as part of a risk-management strategy.”4
– Christopher K. Baxter, Global Macro Investment Strategist, Morgan Stanley Wealth Management
“Gold Toward $3000: US Recession Could be 2024 Path – Gold’s highest-ever average annual price — $1930 an ounce in 2023 to Oct.27 despite a stronger dollar, stock market and rising rates – may portend a firming foundation for the metal.”5
– Mike McGlone, Senior Commodity Strategist – Bloomberg Intelligence (On Twitter)
And the most recent additions include:
“We believe that $2,500 is a possibility because the market tends to get overexcited.”6
Head of the Global Commodities Strategy team at J.P. Morgan
“For gold bugs, [gold’s] fundamental allure comes from the contrast with currencies backed by nothing more substantial than spendthrift governments. US fiscal deficits, for example, are poised to increase for the next decade, according to the Congressional Budget Office. The accompanying increase in debt issuance will be relentless — adding to the bull case for enthusiasts of the precious metal.”7
Marcus Ashworth, Bloomberg Opinion columnist covering European markets and formerly chief markets strategist for Haitong Securities in London
- https://www.blackrock.com/us/individual/insights/gold-imperfect-hedge ↩︎
- https://www.cnbc.com/2023/08/11/gold-prices-to-breach-all-time-highs-with-some-calling-for-2500.html ↩︎
- https://www.bloomberg.com/news/articles/2023-07-26/jpmorgan-sees-gold-charging-to-records-in-2024-as-fed-
cuts-rates ↩︎ - https://www.morganstanley.com/articles/price-of-gold-rising ↩︎
- https://twitter.com/mikemcglone11 ↩︎
- https://www.bloomberg.com/news/articles/2024-03-13/gold-is-jpm-s-top-pick-in-commodities-with-price-eyeing-2-500 ↩︎
- https://www.bloomberg.com/opinion/articles/2024-03-14/gold-s-record-setting-pace-is-exuberantly-rational ↩︎