Skip to content

Prediction: Gold headed for ‘new record high soon’

Prediction: Gold headed for ‘new record high soon’
Ana Zirojevic

Although the price of gold has taken a dip due to investors booking profits following a recent rally and pressure from eased bets on the Federal Reserve rate cuts, as well as ahead of the key United States inflation data coming this week, a renowned economist remains bullish.

As it happens, popular American economist and gold bug Peter Schiff is certain that gold is heading “for a new record high soon,” considering the fact that precious metals were up yesterday, and gold was back above the critical psychological price level at $2,350, as per his analysis on May 27.

On top of that, he pointed out that things were looking good for silver as well, observing that the gray metal had returned above the $31.40 threshold and that the $30 level, “which was once significant overhead resistance, held beautifully as support.”

Gold price prediction 2024

Indeed, gold could be looking at price growth, as Amelia Xiao Fu, head of commodity market strategy at Bank of China International, noted that, even though gold was “subject to some near-term profit-taking after rallies recently,” the signals are positive:

“Nevertheless, gold prices are likely to remain fairly supported by buying-on-dips demand and central bank diversification.”

Interestingly, Schiff isn’t the only optimist when it comes to gold, with renowned cryptocurrency expert Michaël van de Poppe predicting a “big bull cycle” for the yellow metal, silver, and crypto assets that had “extremely low valuations” compared to the US dollar and equities, as Finbold reported on May 23.

Gold vs. Dow Jones Industrial Average analysis. Source: Michaël van de Poppe
Gold vs. Dow Jones Industrial Average analysis. Source: Michaël van de Poppe

Gold price analysis

At press time, gold was changing hands at $2,368.60 per ounce, increasing 0.50% on the day, declining 2.93% in the last week, while accumulating an advance of 0.47% across the past month and growing 14.25% this year. So, how much is a gold bar worth at the moment? Notably, a 400 oz gold bar would cost $947,440, while a 100 oz one is $236,860, as per data on May 28.

Gold price 30-day chart. Source: Google Finance
Gold price 30-day chart. Source: Google Finance

Indeed, the price of gold has been constantly growing since 2020 as escalating geopolitical tensions, expectations of interest rate cuts, and pivotal economic factors have driven investors toward the precious metal as a safe haven, and they might continue to do so as uncertainties continue, further fuelling its price.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.