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| ** Market Conditions Report ** | | |
Gold and silver are both showing resilience this week as gold is still hovering close to $2,400, and silver is trading near $28.50.
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Money Metals' contacts at large refineries have confirmed they are seeing heavy gold buying globally by institutional players and high-net-worth investors.
This is on top of ongoing gold buying by central banks.
In recent days, Goldman Sachs raised its 2024 gold price target to $2,700, and Citibank is now predicting $3,000 by the end of 2025, citing large investor inflows and expectations of Fed interest rate cuts.
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At Money Metals, we tend to give little credence to what mainstream pundits and financial houses say about gold. The reason these high price targets may matter, though, is because they are grabbing big headlines and drawing more interest into the sector.
Meanwhile, in the retail market for physical metal, purchasers are heavily favoring gold over silver.
As gold prices continue to soar, however, we anticipate buying interest will move to the much-cheaper alternative, i.e. silver. And silver almost always follows the price action in gold (rather than leading).
Premiums on gold and silver coins, bars, and rounds remain at multi-year lows.
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