Missed The Gold Rally? Here’s Another Metal Poised For 50% Gains This Year

Gold Soars to Record Highs, Eyes on Silver as Next to Shine

Fast forward nine months to the present day and definitive evidence shows that Gold is not just having a great year. But in fact, the world’s favourite precious metal is having its best year ever.

As Gold prices resume their epic run, scaling new all-time record highs on a back-to-back weekly basis – it’s fair to say that we’re watching history been made as the yellow metal continues to charge towards new unprecedented heights.

There is no denying, that there has been considerable excitement in the Gold market this year with the price soaring above $2,600 an ounce for the first time ever. However, according to analysts at GSC Commodity Intelligence trader’s attention is now shifting to Silver on rising expectations that the grey metal will be next to hit new record highs.

Gold has been on a parabolic run since last October – rallying from near the $1,800 level to score consecutive back-to-back all-time highs – not once, not twice, not three times, wait for it – drum roll please…

But on 37 separate occasions, so far in 2024.

Precious Metals’ Meteoric Rise Set to Continue

This week, Gold prices skyrocketing to a new all-time record high of $2,670 an ounce, surpassing the precious metals previous all-time high of $2,658 an ounce reached only a day earlier – extending its gains by an impressive 48%, over an 11-month stretch.

Interestingly, Gold has outperformed Bitcoin, the S&P 500 and the Magnificent Seven stocks over this period.

The spectacular surge in price means for the first time in history – a standard 400 troy ounce Gold bar – commonly traded internationally and used by Central Banks is worth more than $1 million dollars, up from $725,000 last October.

Gold is not the only precious metal delivering meteoric returns this year.

Silver has also been on a blistering run since October last year, surging from just under $20 an ounce to a decade high of $32.20 an ounce this week – outperforming Gold with a stunning gain of over 61%, within the same 11-month period.

And this could just the beginning!

In a note to clients, analysts at GSC Commodity Intelligence wrote “that the last time Silver prices broke above $32 an ounce – the precious metal went onto trade at $50 an ounce within the space of 100 days. If this is a leading barometer for predicting the future performance of Silver prices, then this ultimately means one thing.

Silver prices are going a lot higher from here!