Damian White
Sr. Precious Metals Advisor
Damian White is a Sr. Precious Metals Advisor at Scottsdale Bullion & Coin. With a background in business and finance, he transitioned from real estate finance to focus on precious metals in 2016. Damian is dedicated to educating investors on the benefits of gold and silver, emphasizing the importance of wealth preservation and proper asset allocation.
Eric Sepanek
SBC Founder
Eric Sepanek is the founder of Scottsdale Bullion & Coin, established in 2011. With extensive experience in the precious metals industry, he is dedicated to educating Americans on the wealth preservation power of gold and silver.
Gold prices and the United States national debt are reaching all-time highs simultaneously as investors abandon conventional, dollar-backed assets for safe-haven instruments.
In this week’s The Gold Spot, Scottsdale Bullion & Coin Founder Eric Sepanek and Sr. Precious Metals Advisor Damian White discuss the 2024 gold price predictions shared on The Gold Spot, the alarming state of US debt, and where gold prices might head next.
Gold Spot in Reflection
We’re only halfway through the year, and gold has put on a masterclass of asset appreciation. Since the start of 2024, the gold spot price have surged from just over $2,000/oz to well over $2,400/oz. On previous The Gold Spot videos, we highlighted forecasts for the yellow metal, which turned out to be spot on.
Let’s take a look at a few of these gold price predictions for 2024 to see how they square up with gold’s current position:
December 29, 2023 – Based on an aggregate of what industry experts were saying, we suggested gold would reach $2,506/oz in 2024.
January 12, 2024 – We predicted that a 15-year-long Cup and Handle Pattern would explode gold to the upside with a target of $2,500/oz.
Gold spot prices have already reached over $2,468/oz, just shy of where prices were initially predicted. With a slew of negative economic and geopolitical factors, there’s no reason to think the precious metal will slow down now.
US Debt Jumps Over $35 Trillion!
The US national debt is setting its own highs, surpassing $35 trillion for the first time in US history. The heated presidential election is unlikely to change anything, as overspending is a cross-party issue. Politicians and fiscal leaders like to point to a multitude of factors to explain away the debt crisis, but the foundational issue is Modern Monetary Theory (MMT).
This economic experiment presumes that countries can’t default on their currencies. In other words, MMT doesn’t see debt as a problem. It views printing and spending as viable solutions. Unfortunately, this corrosive financial model has metastasized to the Federal Reserve, plunging the US into the largest debt crisis in history.
Our debt has become a runaway freight train.–
The country’s brightest financial minds are screaming into the abyss as their warnings go unheard by elites.
- Tech magnate Elon Musk recently said the dollar is on the verge of destruction as “America is going bankrupt.”
- Jaime Dimon of J.P. Morgan went as far as to say US debt is the “most predictable crisis.”
Gold’s Bull Run Is Far From Over
Earlier this year, Damian White predicted gold prices could hit $3,000/oz by the end of 2025. However, the yellow metal’s impressive rally this year could send it to that point by the end of this year. The breakout from the Cup and Handle Pattern is in full swing, and there are no signs of slowing down.
Zooming out at gold’s price action suggests the same. Between 2017 and 2021, gold prices rallied over 50% from roughly $2,000/oz to about $1,850/oz.
Gold is telling us we have higher prices in the future.–
Gold has already hit several record highs in 2024, clearly signaling its intention to move much higher. Technical analysis suggests that confident upward price action tends to continue as buyers dominate. This is reflected in the overwhelming demand for gold bullion bars from central banks, and retail investors will soon follow.
Don’t Wait To Buy Gold, Buy Gold and Wait
Central banks are scooping up record amounts of gold bullion as economic burdens build. The debt alone is enough of a problem to tank the US dollar and dollar-backed markets. That’s to say nothing of rising inflation, de-dollarization, and global wars.
Physical gold offers unrivaled protection due to its inherent value and tendency to keep pace with inflation. Instead of trying to time the market or waiting for the “perfect” entry, it’s better to simply better to buy gold (and silver) and wait.
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