Connect with us

Hi, what are you looking for?

Your Retire Invest

Investing

It’s Here Now: Gold Set to Shine in 2024 with Brent Cook’s Take on What’s Working Now

Those who have been following the gold industry for years understand the ebbs and flows associated with its performance. With many geopolitical and economic challenges dominating the headlines, it’s no surprise that precious metals continue to draw investors’ attention. Brent Cook – a prominent analyst for the commodities and natural resources sector – has been tracking gold for the past few decades and recently shared his sentiment on the precious metal’s near-term outlook.

In an interview with Godzilla Newsz, Cook shared his opinion that while there may be some improving fundamental conditions for gold in 2024, investors should pay careful consideration to the conditions that are currently working in the gold sector. According to Cook, the biggest fundamental factors currently driving gold prices upward are the potential for inflation and a weakened U.S. dollar.

Since the start of 2020, the U.S. dollar has weakened against several major currencies, with the Japanese yen and the Euro both making significant gains against the dollar. This decline in the strength of the dollar has been attributed to the Federal Reserve’s decision to pursue a loose monetary policy in response to the ongoing economic crisis. As the dollar weakens, investors have been increasingly turning to gold to hedge their portfolios against currency depreciation.

Additionally, Cook believes that there is potential for a significant increase in inflation in the near future. With the Federal Reserve’s balance sheet currently at an all-time high, there is the potential for this money supply to be suddenly released into the economy, which could cause a dramatic spike in inflation. Gold, which is often seen as a hedge against inflation, could experience a massive surge in demand as investors purchase the metal to protect their purchasing power.

Overall, Cook believes that the near-term outlook for gold is indeed positive, supported by favorable fundamentals. Although the precious metal will not likely experience a “big rally” in the near future, due to short-term technical issues, it is certainly worth investors’ attention considering the current market conditions. By staying aware of the macroeconomic forces at play and maintaining a diversified portfolio that includes gold, investors can take advantage of potentially lucrative opportunities in the market.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Editor's Pick

Controversy ensued recently when a vocal group within the Republican party (in the United States) began to make the argument that the Speaker position,...

Economy

In an effort to promote stronger loyalty among customers, Delta Air Lines has recently announced changes that will make it more difficult to earn...

Top News

Intensified aerial strikes in and around the Hamas-controlled Gaza Strip have been met with retaliatory releases of Israeli hostages by the militant organization. On...

Economy

Citigroup, one of the world’s leading multinational investment banks and a behemoth in the financial services sector, recently unveiled plans to trigger a significant...

Disclaimer: YourRetireInvest.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 YourRetireInvest. All Rights Reserved.