Interview with the CEO of Genesis Gold Group about investing in precious metals by Investing.com

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Amid economic uncertainties and volatile markets, investors often turn to precious metals, viewing them as a safe haven for wealth preservation and hedging against inflation, by purchasing gold and silver.

However, navigating the complexities of precious metals investing can be difficult. In this article, we explore where experts think precious metals prices could go.

Commodity prices today

Gold prices have been somewhat range-bound this past week. The yellow metal is currently trading around the 2320 mark, after rising about 0.5% so far on Thursday.

Meanwhile, after retreating in late April, silver has started to rise again and is currently trading around $27.8105, having gained 1.7% so far in Thursday’s session.

Gold price forecast 2024

According to analysts at TD Securities, the gold market is “likely to await a catalyst for additional upside potential, while downside potential appears to be limited by limited participation from money managers.”

Meanwhile, Goldman Sachs said in a recent note that they see more upside for the safe-haven metal, saying it could exceed $3,000.

Using their model, Goldman strategists see the potential for even higher gold prices under certain conditions. Specifically, they expect that if US financial sanctions are intensified at a pace similar to that seen since 2021, gold prices could rise by another 16% to $3,130 per troy ounce “due to additional central bank purchases of 7Mtoz per year” , they wrote.

“Such an increase in our U.S. financial sanctions index would be comparable to the hypothetical addition of roughly two or more U.S. financial sanctions against China or six financial sanctions against India,” the bank’s analysts said.

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“To be clear, the geopolitical, fiscal and financial prospects, and their exact impact on central bank gold demand and gold prices, are all highly uncertain. That said, our exercise underlines gold’s hedging value against adverse geopolitical or financial scenarios, in which equity bond portfolios would likely suffer,” Goldman said.

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Precious Metals Investment: Interview with CEO of Genesis Gold Group

Speaking to Investing.com, Genesis Gold Group CEO Jonathan Rose noted the recent success of Costco’s gold and silver sales and said he believes many retail investors are wondering if they have missed the gold and silver price now gold has recently traded at record highs. boat on precious metals this time.

“Many more people are left wondering how to even buy gold,” Rose said, noting that gold has been a safe haven in times of economic uncertainty, “like we are in now.”

He believes that Costco’s (NASDAQ:) decision to sell precious metals represents a broader trend in the investment landscape, indicating even broader acceptance of the perceived value or stability of gold and silver.

When it comes to investing in general, Rose believes precious metals offer distinct advantages over assets such as ETFs, bonds and mutual funds.

“First, gold and silver are tangible assets with intrinsic value, which serve as a hedge against inflation and currency devaluation,” he explains. “Unlike ETFs, which represent ownership of a collection of intangible assets (such as bonds and mutual funds) whose value is entirely dependent on market performance. Also, the price of gold and silver moves independently of other financial markets, adding to its value as a safe haven against economic turmoil.”

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Rose provides some insight into retirement and the prediction that Social Security benefits will go bankrupt by 2033. She agrees and says that preparing for retirement is now “even more important.”

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“For people who want to retire in 10 years, it would be unwise to rely on the SS to rely on,” Rose says. “Instead, focus on growing your savings and protecting your purchasing power over the next decade so you can retire with peace of mind. Gold and Silver certainly have a place in that plan.”

The CEO of Genesis Gold also highlights the benefits of a gold IRA for investors, noting that it allows people to own physical assets like gold and silver with a tax- and penalty-free rollover.

He concludes: “This provides flexibility without tax implications, meaning you can move your money into gold and silver while retaining the tax benefits of an IRA.”

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