Golden Surge: NewEdge Wealth Predicts Unprecedented Rush in Record-Breaking Gold Fever

Golden Surge: NewEdge Wealth Predicts Unprecedented Rush in Record-Breaking Gold Fever

The record gold rush may intensify into year-end.

According to NewEdge Wealth’s Ben Emons, the year’s final month typically creates a bigger appetite for the yellow metal.

“It’s been very consistent every December. It’s been a pretty strong performance for gold — especially when there is a rally in the stock market in November,” the firm’s head of fixed income told CNBC’s “Fast Money” on Tuesday.

Gold settled at a new record high Friday. It closed the day up almost 2%, at $2,089.70 an ounce.

Emons listed the economic and geopolitical backdrop as additional positive catalysts for gold.

“There’s uncertainty next year. We have an election. We don’t know what’s going to happen. We get a recession maybe, maybe not,” said Emons. “At the same time, gold rallies when there’s this risk-on feel in the markets, and that’s really when real rates and interest rates are declining. This gives the gold a really good push for the breakout.”

See Also:  How Cardano Aims to Attract Tens of Millions of Users?

In a note to clients this week, Emons wrote that months for gold and stocks are a “rare combo.” Gold gained 3%, while the Dow and S&P 500 were both up almost 9% in November.

″[It] tends to occur when markets price in major easing cycles,” he wrote. “Currently, that is going on in a mild manner, which puts the spotlight on the seasonals of gold.”

Emons suggests the strength will continue into next year.

“Central banks are again outbidding gold against dwindling supply, likely setting up the metal for a major breakthrough towards 2100 … lifting boats for laggards like utilities have a shot at claiming market leadership by early 2024,” Emons also wrote.

See Also:  5 Benefits Of Outsourcing Customer Support

“Fast Money” trader Guy Adami also sees gold shining due to the dollar
’s recent performance.

“If rates continue to go lower, the dollar will go lower. That will be a tailwind for gold,” he said. “Gold is within a whisper of having a huge breakout to the upside.”

As of Friday’s close, gold is up more than 14% so far this year.

Avatar photo
About Shrabani Sarkar 745 Articles
Shrabani Sarkar is a celebrity news author who has been covering the latest gossip and scandals in the entertainment industry for Panasiabiz. Shrabani is passionate about celebrity news and enjoys sharing her insights and opinions with her loyal fans. Shrabani can be reached at [email protected]