Precious metals: 2024 outlook (2024)

FAQs

Will precious metals go up in 2024? ›

Gold prices are expected to climb to $2,500/oz by the end of 2024, according to J.P. Morgan Research estimates. This prediction assumes a Fed cutting cycle commencing in November 2024, pushing gold prices to new nominal highs.

What is the Metal price prediction for 2024? Metal is forecasted to trade within a range of $ 0.781564 and $ 2.52. If it reaches the upper price target, MTL could increase by 169.53% and reach $ 2.52.

In 2025, the price of platinum is forecast to hover around 1,150 U.S. dollars per troy ounce. Meanwhile, the cost of per troy ounce of gold is expected to amount to 1,700 U.S. dollars.

Warren Buffett has famously stated that he does not favor investing in gold or other precious metals. His primary argument is that precious metals, unlike productive assets, do not generate earnings or cash flow.

Gold's price forecast for Q1 2024 at Bloomberg Terminal is between $1,913.63-$2,224.22. Goldman Sachs commodity analysts expect the potential upside of the gold price to be closely tied to changes in US interest rates and dollar movements, leading them to raise the gold price target for 2024 to $2,050 an ounce.

10-Year Prediction

According to many long-term forecasts, the value of silver is expected to go above $70 per ounce in 10 years, and some even predict it will get close to $80 per ounce. However, this amount could increase. Most value increases are due to supply and demand based on past market prices and predictions.

In 2024, nickel, iron ore, and zinc prices are projected to post the most significant declines year-on-year, at 21%, 9%, and 6%, respectively. However, copper and tin prices are forecast to increase modestly by 5% and 4%, respectively, while aluminum is expected to see a slight rise of 2%.

Gold often tops the list due to its status as a hedge against inflation and currency devaluation. Silver, palladium, and platinum are also considered valuable investments, with demand driven by industries such as electric vehicles, solar panels, and jewelry manufacturing.

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. There has also been the resolution of supply chain issues.

Is it time to invest in precious metals? ›

The main reason to invest in gold, silver or platinum is to diversify your investment portfolio with assets not correlated to the stock and bond markets. In 2022, when stocks and bonds widely recorded double-digit losses, gold climbed by 0.4%, silver rose 6.3% and platinum jumped by 12.2%¹.

Generally speaking, investors put about 10-15% of their wealth into precious metals. Although gold is under-allocated in investment portfolios, the majority of our clients invest around 10-15% of their assets in precious metals.

As Buffett told his shareholders at a Berkshire Hathaway annual meeting, “If you take all the gold in the world…and put it into a cube, it will be a cube that's about 67 feet on a side…but it's not going to do anything for you.” Buffett therefore doesn't see any utility in owning gold because it can't produce things.

Purchase Precious Metal Investments.

Precious metals, like gold or silver, tend to perform well during market slowdowns. But since the demand for these kinds of commodities often increases during recessions, their prices usually go up too. You can invest in precious metals in a few different ways.

Therefore, silver meets Buffett's requirement of having a real and identifiable value. Even better, from the point of view of an investor, silver is almost uniquely suited to a number of the uses it serves as an industrial metal and would be difficult to replace with any substitute material.

Silver prices are expected to rise steadily through 2025, reaching approximately $33.00 per ounce by year-end. Long-term projections indicate continued growth, with prices potentially reaching $57.50 by 2035.

With a keen eye for economic trends and market cycles, Kiyosaki's forecasts offer valuable insights for precious metals investors. Kiyosaki presents a nuanced forecast for gold prices, predicting them to reach $3,700 in 2024 and $5,000 in 2025.