Steve Rand
General Manager / Sr. Precious Metals Advisor
Steve Rand is the General Manager and a Sr. Precious Metals Advisor at Scottsdale Bullion & Coin. He brings over 20 years of experience in the physical precious metals markets.
Joe Elkjer
Precious Metals Advisor
Joe Elkjer, a Precious Metals Advisor at Scottsdale Bullion & Coin since 2019, specializes in helping clients protect their assets through tangible investments. With a strong background in business and finance, he emphasizes stellar customer service and stays dedicated to informing clients about market impacts through frequent appearances on The Gold Spot.
Gold officially turned bullish this week, with spot prices hitting an all-time high roughly three years after notching its previous record in August 2020. Investors are excited about these gains, but experts expect the record-breaking streak to continue.
Watch this week’s The Gold Spot to hear Scottsdale Bullion & Coin Sr. Precious Metals Advisor Steve Rand and Precious Metals Advisor Joe Elkjer explain gold’s recent rally, where gold spot prices could head in the near-term, and what unique buying opportunities are coming up for investors.
Gold Reaches All-Time High
This past Sunday, gold spot prices punched through the $2,100 an ounce barrier into uncharted territory, ultimately reaching a new high of $2,135.39 an ounce. Shortly after the surge, prices cooled off as short-term investors cashed in on their gains. However, gold value remained steadily above the $2,000 an ounce mark for most of the week.
A years-long, exponential surge in central bank gold buying is a primary driving force behind these recent jumps. China, Russia, India, Turkey, and other burgeoning economies are dumping US treasuries and other USD-backed assets in favor of gold and silver bullion. Smart investors are following suit by ramping up their holdings of these physical metal assets.
A New Range for Gold Prices?
For years, $2,100 was the ceiling that gold prices struggled to break through. After cracking that magic number, gold prices have entered a new range of performance. The former barrier of $2,100 an ounce may soon be the new floor.
We’ve moved into a new range. We’re at the low end of the new range [of gold prices].–
That means gold prices are still searching for a new ceiling that experts place much higher than its current position. In fact, many analysts expect gold to reach around $2,500 an ounce by the end of next year. What’s more, many 2024 gold price forecasts are even higher.
As gold prices heat up, the rest of the economy remains in shambles. Everything from high inflation and aggressive interest rate policies to excessive government spending and rising US debt will continue pushing gold prices higher as investors seek financial protection through physical alternatives.
Look Out for End-of-Year Coin Specials
As 2023 draws to a close, investors will have a once-in-a-year opportunity to secure deals on gold and silver coins. The government requires suppliers to pay inventory tax on physical assets at the year’s end. To minimize their tax burden, suppliers often offer limited-time discounts to precious metals dealers.
At the end of the year…our suppliers give us big discounts that we can pass onto our clients.–
At Scottsdale Bullion & Coin, we believe in extending those deals to our clients to give investors a chance to scoop up valuable gold and silver coins at discounted prices. There’s no way to predict when these supplier discounts will take effect, so staying in touch with your precious metal advisor is important.
Don’t Wait to Buy Gold, Buy Gold and Wait
Combining a temporary pullback in gold prices and end-of-the-year specials presents a unique buying opportunity for investors. Experts expect gold prices to soon move beyond the most recent highs, so savvy investors aren’t waiting around. They’re adding to their stockpiles and waiting for the value of gold to rise instead of vainly trying to time the market.
Now is a uniquely favorable time to invest in gold if you have yet to diversify your portfolio. Gold prices are only increasing, and the economy is likely only worsening. If you’ve already bought gold, you can dollar cost average for a lower cost basis and higher returns in the long run.
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