Here’s Why Gold Prices Will Reach $3,000 In 2024

This week, Google searches for the term “Stagflation” surged over 600%. That’s one of the biggest weekly increases ever seen.

Golden Era Unleashed: Gold Prices Shatter Records, Central Banks Fuel Unrelenting Demand

As Gold prices continue their unstoppable upward momentum, eyeing new all-time record highs – analysts at GSC Commodity Intelligence are calling this the beginning of a “New Era” for the Precious Metal.

So far this year, an ever growing cocktail of bullish macro tailwinds has driven Gold prices to all-time highs above $2,400 an ounce.

And the rally might not stop there!

Data released this week, showed global demand for Gold has never been stronger. In the first quarter of 2024 central banks bought 290 tonnes of Gold – the strongest start to any year on record.

More impressively, Gold demand over the last 7 quarters has exceeded 40 million ounces on average. That’s almost 2 million ounces higher than the quarterly average from Q1, 2010 to Q2, 2022.

Among central banks, the People’s Bank of China has firmly taken top spot as the biggest buyer of Gold – adding 60,000 ounces of Gold to its reserves in April.

That marked the 18th straight month the People’s Bank of China added to its Gold holdings – its longest-ever Gold buying spree – as it looks to diversify its reserves away from the dollar and hedge against currency depreciation.

Debt Fears Fuel Gold Rush, Prices Set to Soar

Elsewhere, rising concerns over government debt is yet another reason igniting a rush for safe-haven metals.

In a survey conducted by GSC Commodity Intelligence of roughly 250 financial institutions – the survey found that growing concerns over ballooning global debt and uncontrollable government borrowing, which currently sits at record $307.4 trillion – is emerging as one of the primary catalysts fuelling central banks around the world to build up their Gold reserves at a record pace to diversify away from the U.S dollar.

A similar trend is also emerging at the retail level.

The wholesale retailer Costco has been selling 24K Gold bars since September and they are selling out within minutes! The retail giant also recently added Silver to its precious metals inventory.

And guess what? Both are flying off the shelves faster than the store can replenish stock.

All of this tells us one thing: demand for Gold shows no sign of slowing down anytime soon – which ultimately suggests that prices are only heading in one direction from here.

And that’s higher, a lot higher!