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Well-known gold editor: Gold prices could easily hit $2,500 this year

2024-05-10

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In early May, Clark was at the Deutsche Gold Exhibition in Frankfurt, Germany. Jeff Clark, editor of TheGoldAdvisor.com, said that although central bank purchases have supported gold prices, the Fed's interest rate cuts later this year are the real driving force for gold prices.

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Gold prices hit record highs due to strong buying by central banks.

Jeff Clark said: "This may be a big year for central bank gold buying. In my opinion, that is not the reason for the rise in gold prices. I think central bank gold buying actually supports gold prices and is an important part of this market."

Jeff Clark said that after 15 years of accumulation of gold, central bank buying behavior is reaching a "climax". A rate cut by the Federal Reserve could be the real driver for gold prices.

Jeff Clark said, "$2,500 is easily achievable this year."

Clark noted that while gold prices are rising, gold stocks have yet to show the same level of growth. He said such lags are common in bull markets and money is expected to flow into the sector soon.

In recent years, M&A has increased due to limited exploration and development, making M&A more attractive than starting from scratch. Clark said M&A activity is likely to continue or even accelerate.

Clark noted that surprisingly, despite the growing demand for copper from green energy projects, the price of copper is not as high as that of gold.

Jeff Clark said, "Every week there are new charts showing copper supply shortages, and taking the average of them, even if they are only half correct, you still need a lot of copper. So, the rush for copper has not really happened yet. As an investor, I love hearing that."

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Well-known gold editor: Gold prices could easily hit $2,500 this year

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