Gold and Silver in 2024 – Who Got It Right?

Dec 5, 2024, 5:00 pm GMT

Last night, I attended the Annual LBMA Dinner in London, joined by representatives from central banks, refineries, depositories, and international bullion dealers such as GoldCore. This event is always insightful, but this year’s discussions were particularly compelling given the significant price movements over the past 12 months.

As expected, conversations turned to the role of gold and what demand statistics reveal about why individuals and institutions are increasing their holdings. Central bank demand, a perennial topic, stood out again. As we’ve highlighted in the past, central bank gold purchases have been unprecedented in recent years, and the trend shows no signs of slowing.

The latest World Gold Council statistics, released this week, report that central banks purchased a net 60 tons of gold in October—the highest monthly total for 2024. India, Poland, and Turkey accounted for over 60% of these purchases, driving a shift away from the Western financial system.

However, it’s not just central banks reshaping the physical gold market. U.S. states are making moves that could have a profound impact. This week, Texas proposed legislation to enable gold and silver to be used as a medium of exchange in business transactions. Two bills under consideration would allow holders of gold and silver specie and currency to use them as “legal tender in payment of debt” within the state.

The potential for gold and silver to become an accepted form of exchange among citizens is something I discussed in my recent interview with JP Cortez, featured in today’s video.

As we approach the end of 2024, we’ve been reflecting on the year and the remarkable guests we’ve had on GoldCore TV. To mark the occasion, we’ve compiled some of the highlights, focusing on our guests’ expectations for gold and silver in the coming year.

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About Author

Dave Russell

David is the CEO of GoldCore. Until Summer 2023 he was the Director of Marketing and Communications, responsible for all marketing and communications strategies and branding. David joined GoldCore in 2008 as Director of Business Development and later took over as Director of Marketing and Communications in 2020. Prior to this Dave managed and operated his own Marketing Agency and completed multiple coaching qualifications. "Working for GoldCore gives you a fantastic lens through which to view global financial and geopolitical developments. I am very proud to be part of a company that contributes to increasing investors understanding of these developments." When he’s not at work, David is passionate about sailing and has completed the ‘Round Ireland Yacht Race’ twice.