Huge Gold News from BRICS! Gold & Silver Prices Will Hit New All-Time Highs - Willem Middelkoop

Huge Gold News from BRICS! Gold & Silver Prices Will Hit New All-Time Highs - Willem Middelkoop

Renowned figure Willem Middelkoop, founder of the Commodity Discovery Fund, forecasts a potential gold rally, emphasizing the crucial 2,100-dollar breakthrough expected in the coming year. UBS echoes this sentiment, predicting a 10% surge in gold prices for 2024, particularly in the wake of potential Federal Reserve rate cuts. The projection sees a Fed pivot as a catalyst, envisioning gold reaching up to 2,250.
Middelkoop underscores a geopolitical divide, notably between the Western world and BRICS countries like Russia and China, citing this tension as a significant influence on gold's trajectory. Forbes reports on the strategic use of gold by the BRICS alliance to shift global demand away from the US dollar, opting for alternative investment vehicles denominated in gold rather than using it directly as a trade or native currency foundation.
The intricate geopolitical and economic dynamics, highlighted by Middelkoop and Forbes, contribute to shaping gold demand and underscore its multifaceted role in the global financial landscape. The recent World Gold Council data indicating a 5% drop in gold demand in 2023 adds nuance to the discussion, contrasting with the robust demand observed in the previous year.
Middelkoop introduces an intriguing scenario for silver, suggesting a rapid surge to 100 dollars per ounce hinging on a substantial short squeeze and challenges in meeting the demand for physical metal at current prices. This projection injects excitement and uncertainty into the silver market, reflecting the potential impact of market dynamics on precious metal prices.
Moreover, the anticipation of global silver demand hitting 1.2 billion ounces in 2024, the second-highest recorded level, underscores silver's crucial role in various industries. The surge in industrial demand, as emphasized by Middelkoop, emerges as a key driver for the anticipated increase, potentially marking a new annual high for the silver sector in the upcoming year.
Middelkoop candidly acknowledges the challenges faced in their endeavors throughout 2023. Despite gold's relatively positive performance, concluding the year with a modest gain, other metals encountered difficulties.
In a historic run at the close of 2023, the price of gold surged to unprecedented heights, reaching an all-time peak of 2135 dollars in mid-December. However, the momentum built during the final months of the previous year has encountered obstacles in the New Year, with gold struggling to sustain its bullish trajectory. Middelkoop points out significant physical demand for gold and silver, indicating that these metals could be poised for active participation in the coming year.
For 2024, the World Gold Council said that it expects gold’s central bank demand to return to average pre-record levels of around 500 tonnes, and Global silver demand is expected to rise 1 percent, pushed higher by the continued strength of industrial end-users and a recovery in jewelry and silverware demand.

📖 CHAPTERS:

00:00 Intro
00:44 Gold & Silver
2:50 The Big Reset
5:23 Silver Short Squeeze
7:25 Gold Performance
8:25 Outlook for 2024
11:55 Outro

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