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Will the price of gold hit $3,000 in 2024? Here’s what experts think.
Known for its ability to hedge against inflation and economic turmoil, gold has captured a lot more investor attention lately. The precious metal has been breaking price records all year, reaching an all-time high of $2,672 per ounce in September.
With gold prices soaring, many wonder if this upward trend will continue. Could gold hit the $3,000 mark by the end of 2024?
We asked financial experts to weigh in on this golden question. Their insights might surprise you and help shape your investment strategy. As we explore the potential for gold to reach new heights, we’ll also look at smart ways to invest in this precious metal now.
Start exploring your top gold investing options here now.
Will the price of gold hit $3,000 in 2024?
Some industry experts say 2024 could see gold’s price reaching $3,000, but it’s more probable in early 2025. Below, we explore two scenarios based on their insights.
Yes, gold could hit $3,000 in 2024
The price of gold per ounce could reach $3,000 in 2024, but certain conditions need to align.
Steven Kibbel, a certified financial planner and senior editor at InternationalMoneyTransfer.com, points out that gold often thrives when there’s high inflation or economic instability. “Potential interest rate cuts and ongoing uncertainties in [other countries] could [also] drive up gold prices,” he explains. Lower interest rates make bonds less attractive, potentially increasing gold’s appeal.
However, Kibbel urges caution: “There’s no guarantee of it — gold tends to rise during erratic markets.” He points to the 2020 pandemic as an example when many conservative investors boosted their gold holdings “because they were concerned about inflation.” If inflation stays low and the U.S. economy continues to grow, gold’s price could level off or decrease.
While he believes $3,000 is possible, Kibbel suggests a more realistic target of up to $2,800 in 2024.
Get invested in gold before the price grows out of reach.
No, gold won’t hit $3,000 in 2024
Despite gold’s impressive performance, some experts doubt it’ll reach $3,000 by the end of 2024.
“It’s doubtful that the price of gold will hit $3,000 by year-end [after already] climbing over 20%,” says Ed Mahaffy, president and senior portfolio manager at ClientFirst Wealth Management. He expects the current price surge to level off, describing a potential “ramp and camp” scenario where prices stabilize within a five to seven percent range of recent highs.
An optimistic yet realistic estimate comes from Bario Neal’s director of operations and finance, Ruhee Rathod. “[There’s a strong chance] gold [will hit] $2,850 per ounce in 2024, with the potential to hit the $3,000 mark by early 2025,” she says.
Rathod cites growing interest from investors seeking to diversify as key price drivers. Although bullish on gold’s prospects, Rathod thinks $3,000 might be out of reach this year.
Smart strategies for investing in gold today
Kibbel advises investors to focus on gold’s role in a diversified portfolio rather than fixating on whether the price of gold will cross $3,000 soon. “Gold has helped shield portfolios during market downturns, even when its price stalls,” he reminds us. With that in mind, he and Rathod share five effective ways to invest in gold in today’s market:
- Physical gold: Buy gold bars, coins or jewelry for a tangible investment. This hands-on approach is appealing if you prefer to hold your assets directly.
- ETFs and mutual funds: Invest in gold exchange-traded funds or mutual funds for easier, more affordable exposure to gold without buying it by the ounce.
- Futures and mining companies: Consider gold futures or shares in mining companies for indirect exposure to gold price movements, potentially getting higher returns (but with increased risk).
- Balanced allocation: Aim to invest up to 10% of your portfolio in gold as a hedge against market volatility and inflation. In times of uncertainty, this could be increased to 15% — but never rely too heavily on a single asset.
- Diversified gold investments: Combine physical gold, gold ETFs and mining stocks to balance stability with growth potential while maintaining portfolio flexibility.
The bottom line
When gold investing, consider how it fits into your broad financial strategy. Kibbel advises weighing liquidity and tax implications: “ETFs and mining stocks are much simpler to trade [than physical gold] … [plus, gold is] frequently taxed more heavily than equities or bonds.”
Before making any moves, consult a trusted financial advisor and a tax expert. They can help you decide how much to invest, which type of gold suits you best and how to balance it with other investments. Start small, perhaps with a gold ETF, and consider dollar-cost averaging to spread out your investment over time. Remember, gold is a long-term play — not a get-rich-quick scheme.
Learn more about your best gold investing options online now.
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Social Security Fairness Act passes U.S. Senate
Legislation to expand Social Security benefits to millions of Americans passed the U.S. Senate early Saturday and is now headed to the desk of President Joe Biden, who is expected to sign the measure into law.
Senators voted 76-20 for the Social Security Fairness Act, which would eliminate two federal policies that prevent nearly 3 million people, including police officers, firefighters, postal workers, teachers and others with a public pension, from collecting their full Social Security benefits. The legislation has been decades in the making, as the Senate held its first hearings into the policies in 2003.
“The Senate finally corrects a 50-year mistake,” proclaimed Senate Majority Leader Chuck Schumer, a Democrat from New York, after senators approved the legislation at 12:15 a.m. Saturday.
The bill’s passage is “a monumental victory for millions of public service workers who have been denied the full benefits they’ve rightfully earned,” said Shannon Benton, executive director for the Senior Citizens League, which advocates for retirees and which has long pushed for the expansion of Social Security benefits. “This legislation finally restores fairness to the system and ensures the hard work of teachers, first responders and countless public employees is truly recognized.”
The vote came down to the wire, as the Senate looked to wrap up its current session. Senators rejected four amendments and a budgetary point of order late Friday night that would have derailed the measure, given the small window of time left to pass it.
Vice President-elect JD Vance of Ohio was among the 24 Republican senators to join 49 Democrats to advance the measure in an initial procedural vote that took place Wednesday.
“Social Security is a bedrock of our middle class. You pay into it for 40 quarters, you earned it, it should be there when you retire,” Ohio Senator Sherrod Brown, a Democrat who lost his seat in the November election, told the chamber ahead of Wednesday’s vote. “All these workers are asking for is for what they earned.”
What is the Social Security Fairness Act?
The Social Security Fairness Act would repeal two federal policies — the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) — that reduce Social Security payments to nearly 3 million retirees.
That includes those who also collect pensions from state and federal jobs that aren’t covered by Social Security, including teachers, police officers and U.S. postal workers. The bill would also end a second provision that reduces Social Security benefits for those workers’ surviving spouses and family members. The WEP impacts about 2 million Social Security beneficiaries and the GPO nearly 800,000 retirees.
The measure, which passed the House in November, had 62 cosponsors when it was introduced in the Senate last year. Yet the bill’s bipartisan support eroded in recent days, with some Republican lawmakers voicing doubts due to its cost. According to the Congressional Budget Office, the proposed legislation would add a projected $195 billion to federal deficits over a decade.
Without Senate approval, the bill’s fate would have ended with the current session of Congress and would have needed to be re-introduced in the next Congress.
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12/20: CBS Evening News – CBS News
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Saturday is the winter solstice and 2024’s shortest day. Here’s what to know about the official start of winter.
The 2024 winter solstice, the shortest day of the year, happens on Saturday, Dec. 21, in the Northern Hemisphere. The celestial event signifies the first day of winter, astronomically.
What is the winter solstice?
The winter solstice is the day each year that has the shortest period of daylight between sunrise and sunset, and therefore the longest night. It happens when the sun is directly above the Tropic of Capricorn, a line of latitude that circles the globe south of the equator, the National Weather Service explains.
The farther north you are, the shorter the day will be, and in the Arctic Circle, the sun won’t rise at all.
How is the day of the winter solstice determined?
The winter solstice occurs because of the Earth’s tilt as it rotates around the sun.
When the Northern Hemisphere tilts away from the sun, the nights last longer. The longest night happens on the solstice because the hemisphere is in its furthest position from the sun. That occurs each year on Dec. 21 or 22.
This year, it falls on Dec. 21 at 4:21 a.m ET, to be precise.
On the summer solstice, when the northern tilt is closest to the sun, we have the longest day, usually June 20 or 21.
The solstices are not always exactly on the 21st every year because the earth’s rotation around the sun is 365.25 days, instead of 365 even.
Will days start getting longer after the winter solstice?
Yes. Each day after the solstice, we get one minute more of sunlight. It doesn’t sound like much, but after just two months, or around 60 days, we’ll be seeing about an hour more of sunlight.
When will winter officially be over in 2025?
The meteorological winter ends on March 20, 2025. Then, spring will last until June 20, when the summer solstice arrives.
How is the winter solstice celebrated around the world?
Nations and cultures around the world have celebrated the solstice since ancient times with varying rituals and traditions. The influence of those solstice traditions can still be seen in our celebrations of holidays like Christmas and Hanukkah, Britannica notes.
The ancient Roman Saturnalia festival celebrated the end of the planting season and has close ties with modern-day Christmas. It honored Saturn, the god of harvest and farming. The multiple-day affair had lots of food, games and celebrations. Presents were given to children and the poor, and slaves were allowed to stop working.
Gatherings are held every year at Stonehenge, a monumental circle of massive stones in England that dates back about 5,000 years. The origins of Stonehenge are shrouded in mystery, but it was built to align with the sun on solstice days.
The Hopi, a Native American tribe in the northern Arizona area, celebrate the winter solstice with dancing, purification and sometimes gift-giving. A sacred ritual known as the Soyal Ceremony marks the annual milestone.
In Peru, people honor the return of the sun god on the winter solstice. The ancient tradition would be to hold sacrificial ceremonies, but today, people hold mock sacrifices to celebrate. Because Peru is in the Southern Hemisphere, their winter solstice happens in June, when the Northern Hemisphere is marking its summer solstice.
Scandinavia celebrates St. Lucia’s Day, a festival of lights.
The “arrival of winter,” or Dong Zhi, is a Chinese festival where family gathers to celebrate the year so far. Traditional foods include tang yuan, sweet rice balls with a black sesame filling. It’s believed to have its origins in post-harvest celebrations.
Researchers stationed in in Antarctica even have their own traditions, which may include an icy plunge into the polar waters. They celebrate “midwinter” with festive meals, movies and sometimes homemade gifts.