Muzhu Mining Ltd. (CSE: MUZU)
Creating lasting wealth by developing gold and silver properties with near-term mining potential
At last week’s Prospectors and Developers Association of Canada (PDAC) 2024 conference, Jeffrey Christian, managing partner of CPM Group, called 2024 another “dangerous year.” The last time the firm used that word to describe the market was in 2008.
He noted that gold prices have already achieved record highs in 2024 and have the momentum to rise significantly. The average price is expected to rise to $2,050 per ounce from $1,950 per ounce last year.
Christian sees more volatility in precious metals prices in the third and fourth quarters of the year as investor concerns mount. Investment demand for gold and silver in the first half of the year is likely to be moderate, continuing what we saw in 2022 and 2023.
However, by the third and fourth quarters, the political environment, political expectations and concerns could radically shift, which could have a more pronounced negative impact on the economy and, in turn, the financial markets.
As for silver, CPM Group believes that $20 to $22 per ounce will be the bottom of the silver price this year, with $27 to $28 as the high point. Like gold, the firm expects silver prices to recover by the end of 2024.
In an interview with Investing News Network, Christian mentioned on more than one occasion that he thinks 2024 will be another year of dangerous. “We see 2024 and 2025 as a period of uncertainty. One of the key things is that in 2024, politics will become even more important to investors when deciding whether to buy and sell gold and silver,” he noted.
In an interview with INN on the same day, Adrian Day, President of Adrian Day Asset Management, said that those who believe in a soft landing will eventually be unable to ignore the fact that the economy is slowing down.
He pointed out that everything, including new job claims, weekly jobless claims, new home sales, manufacturing data, etc., almost every indicator seen is trending downward and the economy is heading for a recession.
He also talked about geopolitics, the upcoming U.S. elections and central bank gold purchases, saying that these factors will also help push gold prices higher this year.
