By Will Rhind, CEO of GraniteShares, discussed his 2024 outlook for gold, sharing three factors working in its favor.
‘And then lastly, the geopolitical tensions don’t seem like they’re really willing to go away quickly, and therefore will keep some tension in the market and again some interest in gold as a defensive asset.’
Aside from that, Rhind pointed to the amount of cash currently sitting on the sidelines, noting that investors can still get good returns on the money they have in the bank. However, if that starts to change they could start moving toward gold.
When asked where he sees the most opportunity in 2024, Rhind said artificial intelligence (AI) is clearly the zeitgeist.
‘I think that will endure — AI is I think the seminal theme not just of last year and this year, but I think of years to come. So the technology market has prospered in this environment for good reason,’ he commented.
At the same time, gold’s fundamentals remain positive. ‘Gold to me still stands out as being that precious metal that will get the most traction, will get the most attention and probably perform the best this year,’ Rhind said.
Watch the interview above for more of his thoughts on gold, as well as platinum and silver.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.