When will the gold price reach its next record high?

The first interest rate cut in the USA is just around the corner. According to Fed Chairman Powell, it won’t be long before interest rates are cut. Although he has ruled out a cut of 50 basis points, the market seems to think this is possible. The upcoming US data, if weak, could give the gold price a boost. In any case, analysts are optimistic about gold and silver prices in the long term. Both have risen sharply this year, by slightly less than 20 percent. Calculated in euros, the gold price has risen by around 25 percent this year. While an ounce of gold costs around 2,240 euros today, only around 1,785 euros had to be paid a year ago. The tensions in the Middle East speak for higher prices.

Otherwise, the summer is usually a quiet time for the gold price. The fact that the Chinese central bank did not buy any gold in May had a slightly negative impact on the gold price. Looking at the past decades, August is the fourth best month for gold over the course of the year. The gold price performed particularly well in August 2019, when the trade war between China and the US and the tough Brexit negotiations caused the price to rise. The gold price hit a record high, as it did in 2020, when gold also reached record highs in August. Today, many analysts are forecasting a gold price of more than USD 2,500 per troy ounce by the end of the third quarter. Investments in Fury Gold Mines or Collective Mining, for example, could be worthwhile.

Fury Gold Mines – https://www.commodity-tv.com/play/mining-news-flash-with-fury-gold-mines-premier-american-uranium-and-isoenergy/ – owns projects in Nunavut and Quebec. The Eau Claire project in Quebec has seen a pleasing increase in resources.

Collective Mining – https://www.commodity-tv.com/play/mining-news-flash-with-calibre-mining-fortuna-silver-mines-and-collective-mining/ – owns projects in Colombia with copper, silver, gold and tungsten.

Latest company information and press releases from Collective Mining (- https://www.resource-capital.ch/de/unternehmen/collective-mining-ltd/ -) and Fury Gold Mines (- https://www.resource-capital.ch/de/unternehmen/fury-gold-mines-ltd/ -)

In accordance with §34 WpHG, I would like to point out that partners, authors and employees may hold shares in the companies mentioned and that there is therefore a possible conflict of interest. No guarantee for the translation into German. Only the English version of this news is valid.

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