It will be the year of the gold, says veteran U.S. financial analyst Peter Schiff. His comments come when gold prices climbed above the $2,600 mark on Monday’s opening bell. The precious metal is breaking records in the charts by printing new highs almost every month in 2024. It has risen nearly 27% year-to-date, as it started 2024 at the price range of $2,059.
The steady increase in value attracts retail investors and institutional funds to take entry positions in gold. Even the central banks of developing countries have been massively accumulating the precious metal since 2022. This is making the XAU/USD charts head north while investors are making the most of the bull run.
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This Could Be The Best Year For Gold Since 1979: Veteran U.S. Analyst Peter Schiff
Gold prices skyrocketed 126% in 1979, and no other year could beat the record. It’s been 45 years since the record, and Schiff believes the milestone could soon be broken. The second-highest gold price spike in a year was in 2007 when it rose 32%.
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“Gold is having one of its best years ever, up over 26%, on pace to beat 2007’s 32% rise,” he said. “It’s set to have its best year since 1979 when it rose 126%. Yet the GDX is only up 31%. That means investors still haven’t noticed the bull market or added mining stocks to their screens,” he wrote on X.
The VanEck Gold Miners ETF (GDX stock) has also spiked nearly 33% year-to-date. According to Schiff, the GDX and the XAU are undervalued and could soar higher in the charts.
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The prediction puts a strong ‘buy’ call on gold as it is among the top-performing assets in the broader commodity markets. However, we will have to wait and watch whether gold prices could beat the 1979 record.