Should I invest in gold 2024?
The bottom line. While 2023 may have been an ideal time to invest in gold, there's not really a bad time to invest in the precious metal either. And, 2024 is a great time to get started.
“Across all metals, we have the highest conviction on a bullish medium-term forecast for both gold and silver over the course of 2024 and into the first half of 2025, though timing an entry will continue to be critical,” said Gregory Shearer, Head of Base and Precious Metals Strategy at J.P. Morgan.
Growth stocks may see a robust 2024 on the strength of trends such as AI disruption and decarbonization. Small-cap stocks are trading at attractive valuations as analysts see the possibility of a rebound in 2024. The time could be right for locking in rates on long-term, high-yield bonds.
“In 2024, wealthy investors are increasingly focused on ethical investing, backing companies and causes that align with their values like clean energy and social enterprises,” said Nathan Jacobs, senior researcher at The Money Mongers. “This is not just for do-gooding but also financial upside in fast-growing areas.”
Here are three of the precious metal stocks in 2024 with the most upside. Barrick Gold (GOLD): Long-term investors can consider buying the dip in GOLD stock. Hudbay Minerals (HBM): One of the world's leading copper producers should continue to deliver strong revenue and earnings.
Coin Price Forecast experts' gold rate prediction 2023 is around $2,030. The upward trend will continue in 2024. Analysts expect gold to rise to $2,032 in the first half of the year. By the end of 2024, the XAUUSD price will be around $2,100 per troy ounce.
Bullish outlook for gold prices in 2024
Some notable financial institutions and experts are long on gold in 2024, starting with J.P. Morgan's projection of increasing gold prices in 2024, leading to a record-high $2,300 per ounce price in 2025.
| Stock | 2024 performance through Jan. 31 close |
|---|---|
| Dyne Therapeutics Inc. (DYN) | 60.9% |
| Edgewise Therapeutics Inc. (EWTX) | 62.9% |
| NewAmsterdam Pharma Co. NV (NAMS) | 83.3% |
| Super Micro Computer Inc. (SMCI) | 86.3% |
The healthcare sector is expected to generate a market-leading 17.8% earnings growth in 2024, while the information technology sector is expected to lead the way with 9.3% revenue growth.
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What sectors to invest in 2024?
Cyclical sectors like financials (namely banks), leap out as attractive. Among economically sensitive sectors, communication services remain appealing. Among defensive sectors, healthcare and utilities could offer a ballast with upside potential.
As a result, Fed rate cuts can quickly start to reduce interest expenses for small-cap companies. Earnings growth likely to accelerate faster for smaller companies. Similar to large-caps, earnings growth for small-caps should accelerate in 2024.
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There's a high probability that silver will outperform gold in 2024, and this is due to the shift to solar power. The shift to solar power will increase the prices of silver.
| Days | Date |
|---|---|
| Makar Sankranti | January 15, 2024 |
| Pushya Nakshatra | February 21, 2024 |
| Pushya Nakshatra | March 19, 2024 |
| Ugadi and Gudi Padwa | April 9, 2024 |
Ideal for Long-Term Investment
If you consider to hold physical gold for a long period of time without any intention to sell part of your investment overtime, gold bars will be the best option for you.
| Year | Forecast Range | Key Factors |
|---|---|---|
| 2024 | $1,830 – $2,300/oz | Fed rate cuts Central bank purchases Geopolitical tensions US-China tensions |
| 2025 | $1,700 – $2,550/oz | US-China tensions Middle East and European conflicts |
| 2026-2030 | General sentiment: Upbeat trend | Geopolitical tensions Economic trends |
Gold Prices Are Near Record Highs. They May Keep Climbing for the Next 10 Years. Gold has always been a hit or miss investment—usually more miss than hit.
As of December 19, 2023, the spot price of gold was $2,024 per ounce. Considering an annual growth rate of 11.2%, an ounce of gold could be worth about $2,251 in one year. In five years, an ounce of gold could be worth about $3,441, provided that the value continues to grow at a rate of 11.2%.
August and September: These months have shown a 1.2% and 1.9% average increase in gold prices, respectively, possibly due to the Diwali festival when gold buying traditionally increases. December: Another favourable month with a 1% average increase, potentially due to end-of-year investment adjustments.
Is it good idea to invest in gold?
Gold is often considered a good investment for diversification, as it may be less correlated with other assets such as stocks or bonds.
Gold and silver are expected to climb further in 2024 on expectations that the U.S. Federal Reserve will start cutting interest rates, UBS forecasts. As interest rates dip, gold becomes more appealing compared to alternative investments like bonds.
| Company | Ticker | Sector |
|---|---|---|
| Nvidia | (NVDA) | Information Technology |
| Microsoft | (MSFT) | Information Technology |
| Amazon.com | (AMZN) | Consumer Discretionary |
| Alphabet | (GOOGL) | Communication Services |
- Best stocks for 2024: Li Auto (LI) Source: Andy Feng / Shutterstock.com. ...
- BYD Company (BYDDF) Source: T. ...
- SoFi Technologies (SOFI) Source: Poetra.RH / Shutterstock.com. ...
- Best stocks for 2024: Affirm (AFRM) ...
- Microsoft (MSFT) ...
- Amazon (AMZN) ...
- Nvidia (NVDA)
If you're interested in finding new markets to invest in, take a look at Japanese stocks, and the industrial and healthcare sectors. If you want a trade idea that doesn't rely on the overall market direction, you could go long India and Mexico while shorting emerging markets, or go short the euro versus the US dollar.
