Bloomberg’s Mike McGlone Forecasts Gold’s Rally in 2024

Mike McGlone, a Senior Macro Strategist at Bloomberg Intelligence, has shared a detailed outlook on the gold market for 2024, focusing on several key economic indicators and market trends.

McGlone observed that towards the end of 2023, gold investors might have been influenced by the belief that the U.S. equity markets had risen excessively after a significant drop at the end of 2022. This perception could have driven increased buying activity in gold, as investors sought to balance their portfolios in anticipation of a market correction.

A critical factor in McGlone’s analysis is the widely anticipated pivot of the Federal Reserve from its rate hike stance to rate cuts in 2024. This expected shift in monetary policy is seen as a major tailwind for gold. Investors often view gold as a hedge against inflation and a safe haven in times of monetary easing, which could increase its appeal if the Fed adjusts its policy approach.

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McGlone suggests that if the U.S. experiences a ‘hard landing’ in 2024 – a significant economic downturn following the Fed’s rate hikes in 2023 – gold could become one of the best-performing assets. In such scenarios, gold traditionally performs well as investors seek stability and hedge against market volatility and economic uncertainty.

Peter Schiff is a well-known American financial commentator, stockbroker, author, and radio personality, primarily recognized for his bearish views on the U.S. economy and his advocacy for gold and other precious metals.

On 29 December 2023, Schiff commented on gold’s performance in the past year. He noted that gold had a successful year in 2023, appreciating by about 13%, reaching an unprecedented high, and closing the year above $2,000 for the first time. Schiff says that, despite this, due to investor expectations of a decline in gold prices, gold stocks saw minimal growth, with an increase of less than 1%. Schiff predicts that 2024 could be the year when gold stocks will align more closely with gold’s robust performance.

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• Source: https://www.cryptoglobe.com/latest/2024/01/golds-path-to-3000-analyzing-bloomberg-strategist-mike-mcglones-market-predictions-for-2024/