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In a recent interview with Investing News Network, Craig Hemke, publisher and precious metals analyst at TFMetalsReport.com, shared his thoughts on the reasons behind the sharp rise and current pullback in the price of gold, as well as the next steps gold may be facing, noting that a number of technical indicators suggest that the price of gold could rise to as high as $2,650 or $2,700 per ounce.
In his view, it is perfectly normal for the price of gold to fall back to levels below $2,400 per ounce. Hemke points out that nothing goes up in a straight line, and emphasizes that the ‘two steps forward, one step back’ pattern is healthy.
Nonetheless, he sees strong upside potential for precious metals in 2024, with a number of technical targets pointing to $2,650 or $2,700 per ounce, which could be the next position for investors to watch. While those targets won’t necessarily become reality this year, Hemke thinks gold could reach $2,400 or $2,500 by the end of the year.
A key reason for being bullish on gold is that institutions and investors need to prepare for the inevitable collapse of the current debt-based system.
Hemke explains in the interview that it’s almost the final stage where debt is growing exponentially and growing so fast that the amount of new fiat money creation just to service the debt, which is starting to get more and more strained and out of control. And having physical gold and physical silver is to protect against that collapse.
