Google searches for the phrase “How To Trade Gold” are now back at the highest level seen in over a decade!

This comes as no surprise, considering the current macroeconomic backdrop is fueling a “perfect storm” for gold – firmly positioning the precious metal as one of the best performing asset classes of 2024.

Gold’s meteoric rise to glistening new heights has continued to go from strength to strength this year, significantly bolstering its iconic status as the ‘must-have’ asset class in every portfolio.

As gold prices continue their unstoppable run higher, scaling new all-time record highs for a fourth consecutive quarter in a row – analysts at GSC Commodity Intelligence have officially dubbed 2024 “The Year of The Metals”.

Gold prices skyrocketed to a new all-time record high of $2,500 an ounce, surpassing the precious metals previous all-time high of $2,483 an ounce set only last month.

Gold has been on an unstoppable run since October last year, surging from near the $1,800 level to score back-to-back all-time record highs – not once, not twice, but on multiple occasions this year.

The precious metal is up over 26% since mid-February. But here’s where it gets even better – Gold prices have now chalked up a whopping gain of more than 38% since October.

Gold’s next stop: $5,000 an ounce?

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According to GSC Commodity Intelligence – “Gold’s record-breaking run has been nothing short of impressive. Never before in history have we seen the precious metal score multiple all-time record highs in such a short space of time”.

And this could just be the beginning! Right now, the precious metal is being driven by a multitude of bullish tailwinds including the Fed’s long-awaited “pivot” towards aggressive interest-rate cuts in 2024. In a note to clients, analysts at GSC Commodity Intelligence doubled down on their view that “the Fed will cut interest rates by a total of 100 basis points by the end of this year”.

Then there’s central bank gold buying, which shows no signs of slowing down anytime soon. According to proprietary data compiled by GSC Commodity Intelligence – 74% of global central banks are planning to significantly increase their gold purchases in the second half of 2024.

And last but definitely not least – the historically strong correlation between U.S government debt and gold prices.

Conclusive evidence shows during the period U.S national debt has ballooned from 5 trillion to 35 trillion dollars – gold prices have risen by 8x since 2000.

But here’s where things really start to get interesting. If history repeats itself, gold prices could reach $5,000 an ounce when the U.S national debt hits the 70 trillion-dollar mark.

All of this tells us one thing. Gold prices are only heading in one direction from here.

And that’s higher, a lot higher! That’s exciting news for the bulls, but painful for anyone sitting on the sidelines, who must now decide how much FOMO they can handle.