CoinNet Reports:
Despite a general downturn in the cryptocurrency market, gold has appreciated by 3% over the past five days, currently trading at $2,391 per ounce this weekend. Supporters of gold anticipate strong performance from this precious metal continuing into the latter half of 2024. Analysts from Heraeus suggest that similar to Bitcoin forecasts, the ‘Trump 2.0’ era could further elevate gold prices.
Despite global economic uncertainties, market strategists remain optimistic about the future of gold. Gold has shown remarkable performance over the past week, contrasting with a decline in Bitcoin (BTC). Year-to-date, gold has impressed, reaching a historical high of $2,450 per ounce, marking a 17% increase over the last six months. Many market strategists maintain bullish outlooks on gold’s future, with analysts from Bank of America recently forecasting potential prices reaching $3,000 per ounce within the next 18 months.
Heraeus Precious Metals Analysts suggest that a second term for Donald Trump as president could favor gold. In a recent update, Heraeus noted, “The Trump administration’s second economic policies may prompt global investors to turn towards gold.” This is attributed to potential new trade conflicts and tensions with China. Additionally, Heraeus hinted at Trump potentially “undermining the Fed’s independence.”
Heraeus’s report stated, “His first presidential term often publicly criticized Fed Chair Jerome Powell’s rate hike decisions.” “Unofficial proposals from the Trump campaign team include measures to undermine Fed independence and possibly premature removal of Powell. Trump could replace Powell with a dovish candidate after his term ends in 2026.”
Despite recent promising performances suggesting a hopeful future, global economic conditions remain uncertain. Factors such as geopolitical tensions and potential shifts in U.S. policies could unpredictably impact market trends. It is widely understood that the fate of assets like gold and Bitcoin depends on a complex interplay of factors. In today’s rapidly changing world, the true trajectory of these markets remains unpredictable for anyone.
What are your thoughts on the potential rise in gold prices during a second term for President Trump? Share your thoughts and opinions on this topic in the comments section below.
