GOLD Just $50 Away! Gold & Silver Prices Will Go INSANE When This Happens - Gareth Soloway

Gareth Soloway, an established trader at verified investing.com, highlights a significant market phenomenon that could propel gold prices to an impressive $2,500 per ounce. Soloway suggests that such a breakout may be triggered by a notable correction in the stock market, prompting investors to seek refuge in the relative safety of gold.
The gold market, currently trading near session highs and tantalizingly close to the $2,050 per ounce mark, has been buoyed by the latest report on consumer prices, which aligns with the Federal Reserve's preferred inflation gauge. Despite the initial market reaction to disappointing weekly labor data, spot gold prices are showing a resilient increase, trading at $2,050.40 an ounce as of the latest reading.
Soloway emphasizes that gold has managed to hold its ground amidst an environment marked by low volatility, record-breaking stock markets, and the meteoric rise of cryptocurrencies. This resilience underscores its enduring status as a safe-haven asset, providing a solid foundation for its current performance.
Recent trends show that gold has been gradually recouping lost ground, a positive turnaround from its dip in 2024 when it hit a low of $1,984. Remarkably, gold's resurgence has occurred despite expectations for fewer aggressive rate cuts by the Federal Reserve in 2024. Initially, the year seemed poised for robust growth in gold as early as the first quarter, with market forecasts predicting as many as six separate 25-basis point cuts from the Fed.
Soloway highlights an intriguing disparity between central bank actions and individual investor behavior regarding gold. While central banks have consistently been boosting their gold reserves, retail investors appear to be underinvested in gold. This observation suggests a potential contradiction in gold ownership between institutional entities and individual retail investors.
Moreover, recent data from Kitco News reveals that China's gold reserves have risen for the past 14 months, signaling a sustained upward trajectory in gold holdings. December alone saw a notable increase, with China's gold reserves reaching 71.87 million troy ounces, a jump from 71.58 million ounces recorded in the previous month.
The price of silver surged above the significant $20 per ounce mark in 2020, marking a four-year high and ushering in a period of sustained strength. The precious metal has remained notably above this level, occasionally breaching the $26 mark and even soaring as high as $29.59. Silver has not yet surpassed the elusive $30 milestone despite these impressive gains.
Gareth Soloway believes that silver's continued performance may remain subdued until the United States emerges from its economic downturn. This divergence in silver's trajectory is attributed to various factors, including economic struggles in China and the looming specter of a recession in the U.S.
Meanwhile, Keith Neumeyer, CEO of First Majestic Silver, has been vocal about his belief that silver has the potential to surge to even greater heights, possibly breaking through the triple-digit barrier.
Soloway emphasizes the significance of silver breaking out of the trend line at around $25 per ounce. According to Soloway, this milestone would significantly bolster confidence in the metal's bullish prospects.

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