As 2024 approaches, the investment landscape is once again shrouded in uncertainty regarding the potential performance of various investment products. The ambiguity becomes particularly pronounced when deciding which products to choose.
Seeking clarity on potential investment options, Finbold turned to the generative artificial intelligence (AI) tool Google Bard Alphabet (NASDAQ: GOOGL). In this pursuit, the tool offered insights into four potential commodities to consider for purchase in 2024.
Gold
The tool identified the precious metal as a potential commodity to invest in for 2024, citing its historical status as a hedge against economic uncertainty. According to Bard, gold is chosen for its likelihood to guarantee safety if global economic concerns or geopolitical tensions resurface or escalate.
Picks for you
However, the AI platform cautioned that investing in gold has several risks. In this case, investor sentiment and global events heavily influence the demand for gold. Rising interest rates could divert interest from gold, impacting its attractiveness compared to interest-bearing assets.
Bitcoin
Google Bard also highlighted the potential of Bitcoin (BTC), stating that as the pioneer cryptocurrency, BTC stands to gain momentum with increasing mainstream adoption. The AI platform anticipates growth fueled by institutional interest and potential regulatory clarifications.
This comes amid growing speculation that Bitcoin will likely rally further, backed by the possibility of approving the first spot Bitcoin exchange-traded fund (ETF) in the United States.
On the other hand, Google Bard pointed out that investors looking to invest in Bitcoin should note the volatile nature of the crypto market.
Lithium
Google Bard also suggested that 2024 could be crucial for lithium, citing its crucial role in lithium-ion batteries powering electric vehicles and energy storage solutions. The increasing demand within these sectors is expected to be a driving force for the lithium market.
However, on the flip side, challenges loom as heightened production and recycling efforts may saturate the market, potentially leading to a decline in lithium prices. Despite its promising outlook, investors are advised to monitor these factors closely and consider potential market saturation risks associated with increased production and recycling initiatives.
Silver
Silver was another metal on the list, with Brad terming it a strategic investment choice, drawing parallels with gold as a potential hedge against inflation and economic uncertainty. Silver’s increasing applications in solar panels, electronics, and electric vehicles contribute to its growing allure among investors seeking diversification.
However, Bard urged investors to approach silver with caution. Despite its intrinsic value, the metal often plays second fiddle to gold in investor preferences, exposing it to fluctuations. Furthermore, advancements in battery technology raise considerations about silver’s future dependence on the electric vehicle sector.
As a note for investors, Google Bard stressed the importance of diversifying portfolios across asset classes for risk mitigation.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
