Ditch the US Stock Market and Invest in Gold in 2024: Explains Analyst

Juhi Mirza
AI Predicts Gold Price for June 2024
Source: Watcher Guru

With gold rallying to new highs this season, several financial analysts have made bold predictions concerning gold and its uniqueness as a hedge against inflation. While the US stock market and Bitcoin received major setbacks as geopolitical tensions rose to adopt a lethal layer, Gold maintained its stance ahead, delivering stellar returns to its holders.

Also Read: Why Central Banks Are Aggressively Acquiring Gold?

Analyst Says Ditch US Stock and Embrace Gold

Gold bars
Image Source: Unsplash

Gold is experiencing modest price swings this week, dipping by nearly $50 for the first time. The shiny precious metal has been touching new highs of $2400 before slipping back to $2,309 at press time.

The gold’s massive rally was triggered by the central bank buying spree. As leading central banks worldwide hoarded gold, the metal prices shot up to break several new price ceilings. However, the sentiment since then has taken a slight dip, with analysts pouring in opinions on why gold is better than US stocks and crypto combined.

Popular economist Peter Schiff has yet again rattled the market space by adding why gold should still be investors’ number one investment choice.

Schiff took to X to share an update, adding that gold will remain the greatest alternative and hedge to inflation. He further added that the current gold price dip should not concern investors, and they must continue to buy gold to protect themselves from experiencing losses over the looming inflation crisis.

“Gold is down over $50 this morning as investors pile back into risky assets like tech stocks and bitcoin. But the real risk is inflation, so investors should be buying gold, not selling it. The miners will be even better buys as share prices have always overreacted to a gold drop.”

Why Is The Precious Yellow Metal Dipping In Value?

The primary reason why gold has noted a modest downtick in its price is due to the easing of geopolitical tensions as of late. The war crisis between Israel and Iran was partly fueling the gold narrative, which has boiled down a bit as tensions between the two countries eased sporadically.

However, the central banks around the globe are still bullish on gold and are busy stockpiling the asset at a rapid pace. This will help stabilize the price of gold, ultimately assisting its price to break new price markers soon.

Also Read: US Economy Notes Significant Rise in Gold, Silver & Copper Prices