How much higher will gold go? Yesterday it was within striking distance of $,2800, and whilst it may have pulled back earlier on today on the back of some technical selling, we believe the next week could hold yet more new highs.
The coming days will be pivotal for shaping the future of risk sentiment and consumer and business confidence, both for the remainder of 2024 and beyond. Event risk is significant, we’ve had the UK budget this week, alongside the upcoming Q3 GDP report and October payroll data in the U.S., scheduled for tomorrow. Looking ahead to next week, the U.S. Presidential election takes place on Tuesday, with two significant central bank meetings taking place later in the week. Both the Bank of England and the FOMC are expected to announce rate cuts, adding further weight to the economic outlook.
Where does this leave investors? Financial Times research released earlier this month showed that confidence indicators have slid sharply or remain stuck in negative territory, in short “sentiment is the global recovery’s weak spot”. This is a key reminder of why people buy gold.
So if you own gold and silver already then hold on, and perhaps consider increasing your allocation. But if you are new to gold, and wondering if the price is too high, then stop waiting and jump aboard. Yes, the price has climbed significantly in recent months but with sentiment so low and so many pivotal events on the horizon, now is a very good time to start investing. I suggest you look at our GoldSaver account to get started or book a strategy call with one of our team, who will be happy to guide you through the different ways to start investing in bullion.
Protect Your Capital Gains Ahead Of The Autumn Budget
Yesterday UK Chancellor Rachel Reeves presented her first budget. Months of speculation and rumours about CGT were finally put to bed as Reeves confirmed that there would indeed be an increase.
If you are looking to lock in gains, ahead of the increase then take a look at our “Capital Gains Tax on Gold Bullion” article to find out more.
How To Tap Into Your Gold Opportunity: Finimize Live Webinar, November 14th
There are just three weeks to go until our live webinar with Finimize. Join CEO Dave Russell as he chats with financial news and education platform, Finimize. Dave will discuss the record gold price, the role gold plays in your portfolio, and how you can best take advantage of the gold price right now. Grab a place and you’ll receive a free Gold and Silver Investment 101 guide post-event to help you take your portfolio to the next level.
Buy Gold Coins
Buy gold coins and bars and store them in the safest vaults in Switzerland, London or Singapore with GoldCore.
Learn why Switzerland remains a safe-haven jurisdiction for owning precious metals. Access Our Most Popular Guide, the Essential Guide to Storing Gold in Switzerland here.
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