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Gold price forecast for fall 2024: Here’s what experts expect
The price of gold has hit several new record highs so far this year. The upward trend began in March 2024, with the price of gold climbing to $2,160 per troy ounce. Gold’s value has hit a few more big milestones since that point, including another all-time high of $2,472.46 per ounce last month. While the price has moderated a bit since that point — the current price of gold (as of August 12, 2024) is $2,441 per ounce — gold’s price is still up by over $500 per ounce compared to one year ago.
The uptick in gold’s value has been due, in large part, to investors flocking to the precious metal to protect their portfolios against losses from economic uncertainty, high inflation and geopolitical risks. The recent upward price trajectory has also helped spur renewed interest in investing in this yellow metal.
If you’ve been thinking about investing in gold, you may be wondering what could happen with its price this fall — especially now that the economic environment has experienced some shifts. Here’s what experts have to say about it.
Learn more about how gold could benefit your investment portfolio here.
Gold price forecast for fall 2024: Here’s what experts expect
There are a few scenarios that could occur in terms of gold’s price this fall, according to the experts we spoke with.
The price of gold could increase
Many of the experts we spoke with think the price of gold could continue to rise this fall due to factors like geopolitical turmoil and economic uncertainty.
“We have observed the price of gold continue to climb this year amid major geopolitical, economic, and social events. With those tailwinds, I believe the price of gold will continue to increase throughout the fall and into the end of the year,” says Brandon Aversano, CEO and founder of Alloy Market Inc., a precious metals exchange.
That’s because governments and large central banks are making, and will continue to make, large purchases of gold to hedge against uncertainty, according to Aversano.
“There is also increased industrial demand for the precious metal. As these large buyers purchase gold, the overall supply will decrease, leading to sharp increases in the price of gold,” Aversano says.
“I would guess that the price of gold will hold steady or rise as we approach the election,” says Dr. Peter C. Earle, senior economist at the American Institute for Economic Research.
“If current international conflicts expand, or new ones erupt, gold could march higher. Additionally, if by that time the US economy is slowing rapidly and the market assesses the contraction as being too rapid for monetary accommodation and/or some form of fiscal stimulus to arrest, gold could hit new all-time highs,” says Earle.
“I believe the price of gold may trend upwards due to ongoing economic uncertainty, inflation concerns, and geopolitical risks,” says Ralph Adamo, ChFC, CEO and founder of Integrity Wealth Management.
Find out more about gold investing and how it could pay off for you now.
The price of gold could decrease
That said, significant interest rate drops could cause the price of gold to decrease or stagnate, as gold’s price tends to climb in high-rate environments. Now that inflation is cooling and other economic factors are shifting, the Fed is widely expected to start cutting rates — which is slated to happen as soon as September. That, in turn, could have an impact on gold’s price.
There’s a chance that other factors could slow the growth of gold’s price, too. For example, Earle says the price of gold could decrease after the presidential election in November, depending on the outcome.
“If there is a clear outcome and a peaceful turnover of power — both relatively speaking — it’s likely that the gold price will settle back down to prior support levels,” says Earle.
What factors could have the biggest impact on gold’s price this fall?
There are multiple factors, including what happens in terms of inflation, interest rates and global liquidity, that could influence the price of gold this fall, experts say.
“While most people would correctly say the biggest drivers of gold prices are high interest rates and inflation, we believe the global liquidity crisis will have an outsized impact on the price of gold in the fall,” Aversano says. “With record levels of consumer debt and a cash crunch, consumers are feeling the pinch right now.”
In tougher economic times, the price of gold tends to rise, Aversano says, which makes it a great asset to sell or invest in.
The bottom line
While many experts expect gold to continue rising this fall, with so many factors at play, it’s tough to predict what will happen. “Trying to time these movements can be risky and may lead to significant losses for many investors,” says Raman Singh, certified financial planner.
That’s why it’s crucial to have a diversified portfolio, Singh says, with gold being just one part of your overall long-term strategy. If you decide to invest in gold, keep in mind that many experts recommend that you limit the precious metal to no more than 10% of your investment portfolio.
CBS News
France’s President Emmanuel Macron tours cyclone-battered Mayotte, meets survivors pleading for help
Mamoudzou, Mayotte — France’s President Emmanuel Macron traveled Thursday to the Indian Ocean archipelago of Mayotte to survey the devastation that Cyclone Chido wrought across the French territory as thousands of people tried to cope without bare essentials such as water or electricity.
“Mayotte is demolished,” an airport security agent told Macron as soon as he stepped off the plane.
The security agent, Assane Haloi, said her family members, including small children, are without water or electricity and have nowhere to go after the strongest cyclone in nearly a century ripped through the French territory of Mayotte off the coast of Africa on Saturday.
“There’s no roof, there’s nothing. No water, no food, no electricity. We can’t even shelter, we are all wet with our children covering ourselves with whatever we have so that we can sleep,” she said, asking for emergency aid.
Macron got a helicopter tour of the damage and was to spend Thursday night on the far-flung French territory. After flying over the destruction, he headed to the hospital in Mamoudzou, Mayotte’s capital, to meet medical staff and patients.
Wearing a traditional Mayotte scarf on his white shirt and tie, sleeves rolled to the elbows, the French president listened to people asking for help. A member of the medical staff told him some people hadn’t had a drink of water for 48 hours.
Some residents also expressed agony at not knowing about those who have died or are still missing, partly because of the Muslim practice of burying the dead within 24 hours.
“We’re dealing with open-air mass graves,” Mayotte lawmaker Estelle Youssoufa told reporters. “There are no rescuers, no one has come to recover the buried bodies.”
Some survivors and aid groups have described hasty burials and the stench of bodies.
Macron acknowledged that many who died hadn’t been reported. He said phone services will be repaired “in the coming days” so that people can report their missing loved ones.
French authorities have said at least 31 people died and more than 1,500 people were injured, more than 200 critically. But it’s feared hundreds or even thousands of people have died in total.
Abdou Houmadou, 27, said emergency aid was needed immediately, not Macron’s presence.
“Mr. President, what I’d like to tell you… is I think the spending you made from Paris to Mayotte would have been better spent to help the people,” he said.
Another resident, Ahamadi Mohammed, said Macron’s visit “is a good thing because he’ll be able to see by himself the damage.”
“I think that we’ll then get significant aid to try and get the island back on its feet,” the 58-year-old said.
Macron’s office said four tons of food and medical aid, as well as additional rescuers, were aboard the president’s flight. A navy ship was due to arrive in Mayotte on Thursday with another 180 tons of aid and equipment, according to the French military.
People living in a large slum on the outskirts of Mamoudzou were some of the hardest hit by the cyclone. Many lost their houses, some lost friends.
Nassirou Hamidouni sheltered in his house when the cyclone hit.
His neighbor was killed when his house collapsed on him and his six children. Hamidouni and others dug through the rubble to reach them.
The 28-year-old father of five is now trying to rebuild his own house, which was also destroyed.
He believes the death toll is much higher than what’s officially being reported, given the severity of what he lived through.
“It was very hard,” he said.
Mayotte, located in the Indian Ocean between mainland Africa’s east coast and northern Madagascar, is France’s poorest territory.
The cyclone devastated entire neighborhoods and many people ignored the warnings, thinking the storm wouldn’t be so extreme.
Mayotte has more than 320,000 residents according to the French government. Most are Muslim and French authorities have estimated another 100,000 migrants live there.
Mayotte is the only part of the Comoros archipelago that voted to remain a part of France in a 1974 referendum.
Over the last decade, the French territory has seen a massive influx of migrants from the neighboring islands – the independent nation of Comoros, which is one of the world’s poorest countries.
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Google Maps helps solve murder mystery by capturing moment a person put suspected corpse into car in Spain
Google Maps has guided Spanish investigators to resolve a year-long murder mystery by capturing the moment a person stowed a suspected corpse into a car.
Police in the northern region of Castile and Leon began their probe in November 2023 when someone reported the disappearance of a male relative.
Officers arrested a woman who was the missing male’s partner and another man who was her ex-partner in Soria province on November 12, police said in a statement on Wednesday.
Investigators then raided the suspects’ homes and inspected their vehicles but also stumbled on an unexpected lead in the search for further clues.
These were “images in a location application” where they “detected a vehicle that may have been used during the course of the crime,” the statement said.
Spanish media circulated pictures of a screenshot of Google Maps’ Street View from October 2024 showing a person dumping an object covered in a white shroud into a car trunk in the village of Tajueco. It was the first time in 15 years that the car had been to the town of Tajueco, the BBC reported.
The images contributed to resolving the case, though they were not “decisive,” police said.
Officials said another photo sequence shows the blurred silhouette of someone transporting a large white bundle in a wheelbarrow, the BBC reported.
The central government’s representative in Soria, Miguel Latorre, told public broadcaster RTVE the person “can presumably be” considered the culprit.
Police said a severely decomposed human torso believed to belong to the victim had been found this month in a cemetery in Soria province. El Pais daily reported that he was a 33-year-old Cuban.
A judge has ordered the suspects into custody and the investigation remains open.
This marks at least the second time that Google technology has helped crack a cold case. In 2019, the remains of a man missing for 22 years were finally found thanks to someone who zoomed in on his former Florida neighborhood with Google satellite images and noticed a car submerged in a lake.
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2 soldiers killed by landmine blast in Mexico day after 2 troops killed by booby trap in same region
A blast killed two Mexican soldiers in the second deadly incident this week involving an improvised landmine in a crime-plagued western state, authorities said Wednesday.
According to the El Universal newspaper, the soldiers were trying to deactivate the device when it exploded.
The blast happened late on Tuesday in Buenavista in Michoacan, the state prosecutor’s office said.
A military source who did not want to be named said that troops were looking for similar devices believed to have been planted in the area.
On Monday, a blast caused by another improvised landmine killed two Mexican soldiers and wounded five others in the same region. Before the explosion, the soldiers had discovered the dismembered bodies of three people, officials said.
The device was suspected to have been planted by members of a local criminal group waging a turf war with a bigger drug cartel, Defense Minister Ricardo Trevilla said Tuesday.
Six other soldiers had been killed by similar improvised devices since late 2018, he said.
Mexico is plagued by widespread drug-related violence that has seen more than 450,000 people killed since the government deployed the army to combat trafficking in 2006, according to official figures.
In the only previous detailed report on cartel bomb attacks in August 2023, the defense department said at that time that a total of 42 soldiers, police and suspects were wounded by IEDs in the first seven and a half months of 2023, up from 16 in all of 2022.
Overall, 556 improvised explosive devices of all types – roadside, drone-carried and car bombs – were found in 2023, the army said in a news release last year.