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What should gold investors expect this November?
Whether you’re heavily invested in precious metals or just casually observing the market, it’s been fascinating to watch the movement of gold in recent years. Last year, investing in the yellow metal hit an an 11-year high, largely thanks to its historic ability to hedge against inflation and diversify portfolios. And, in 2024, it’s been equally remarkable to watch as the price of the metal has surpassed multiple records, starting at $2,063.73 per ounce in January to almost $2,800 this November.
The start of a new month, and all of the economic factors that come with it, are bound to have effects on the gold investor market, too. Only by understanding this potential, however, as well as the conventional ways to approach these changes, can investors position themselves for success both. But what should gold investors expect this November? That’s what we’ll attempt to forecast below.
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What should gold investors expect this November?
While it’s impossible to predict with certainty what could happen to any asset, it’s arguably more difficult to do so with an alternative one like gold. That being said, here’s what some investors could potentially expect to happen this November:
The price could break a new record
This is less of a prediction and more of a guarantee if the price performance of the metal so far this year is any indication. Gold has surged so far in 2024, rising by approximately 35% since January. And with factors like inflation, interest rates, geopolitical concerns and tensions over a U.S. presidential election all at the forefront right now – all of which drive the price of gold – it wouldn’t be surprising to see the price of break one or more records in November. This is a large reason why prospective investors should take action now, before the price becomes further out of reach.
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Gold could hit the $3,000 mark
In May, some experts predicted that gold would “soon” hit the $3,000 mark, but when exactly that would be was unclear. But as the price surged, some others noted that it could surpass the $3,000 mark as soon as this year. And, now, with barely 10 weeks left in the year, it’s very possible that gold could hit that price point in November.
With items like the unemployment rate just released (showing a subpar addition of jobs in October), a Fed meeting on November 6 and 7, and another inflation report due November 13, there are plenty of factors for gold to reply to this month. Don’t be shocked if that reaction involves the price surpassing the $3,000 threshold.
New investors could boost competition
Gold is ubiquitous and relatively simple to buy, sell and buy more of. But a rising price and economic volatility could boost competition amid those looking to turn a quick profit or add a portfolio diversifier and protector into their mix. So while gold won’t exactly sell out, new competition could cause the finite supply to become harder (and more expensive) to secure. You don’t have to look any further than Costco, which entered the gold market last year and has since sold out of its gold products multiple times. Don’t be surprised, then, to see this trend increase this November.
The bottom line
Speculating about the future performance of any asset is exactly that: speculation. So investors and those considering gold but have yet to make a move should consider the above possibilities with caution. But if the previous 10 months of performance in 2024 are reliable, the price of gold could rise past a new record in November and possibly even surpass $3,000, thus boosting competition. So if you’re seriously thinking about gold, start doing your research now to better position yourself for success both in the coming weeks and over the long term.
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Maui surfer loses part of leg in shark attack, officials say
A shark bit a Maui surfer Friday morning and severed his leg, authorities said.
The man, 61, was surfing off Waiehu Beach Park Friday morning in a surf spot known as Sand Piles when a shark bit him,” Maui County said in a news release.
Police officers who arrived to the scene first tried to control the bleeding with tourniquets. His leg was “completely severed just below the knee,” officials said.
Witnesses told CBS affiliate Hawaii News Now that other surfers helped the man swim back to shore.
“I heard this yell and I looked, and all of a sudden I just seen him splash, and I don’t know what was happening,” witness David Basques told Hawaii News Now. “…He swam himself back maybe more than half the way, and then I seen somebody jump in and they went bring him inside.”
The man was alert while being treated on shore and then taken to Maui Memorial Medical Center in critical condition.
“I would like to commend the patient for his strength and wherewithal, getting himself to shore,” Maui Fire Department Assistant Chief Jeff Giesea told reporters, according to KGMB. “I mean, that’s extraordinary. Whatever Good Samaritans offered assistance, I’d like to commend them as well.”
The incident prompted officials to close the beach park. Officials warned people to stay out of the water in the area. The public warning to stay out of the water for a mile in each direction of the incident will be in effect until at least noon Saturday. The warning will be extended if there is a shark sighting in the area.
Maui fire and ocean safety officials were patrolling the waters using rescue watercraft and a drone. State officials provided shark warning signs and helped with cordoning off the area.
There were no details provided on what kind of shark was involved.
In June, well-known surfer Tamayo Perry was killed in a shark attack while surfing off Oahu’s North Shore.