Gold at $2,350 has further to go, says AuAg Funds founder and CEO | News Direct

Gold at $2,350 has further to go, says AuAg Funds founder and CEO

HANetf Holdings Limited
News release by HANetf Holdings Limited

facebook icon linkedin icon twitter icon pinterest icon email icon London, UK | April 09, 2024 05:31 AM Eastern Daylight Time


AuAg Funds founder and CEO Eric Strand discusses the current dynamics of the gold market, highlighting the metal's swift rise in value, exceeding expectations by reaching over $2,300, and maintaining a strong outlook for the year, with predictions of hitting around $2,475 to $2,500.

In an interview with Proactive's Stephen Gunnion, Strand said this surge is attributed to a combination of factors, including the US interest rates and inflation landscape, backdoor quantitative easing by the Federal Reserve leading to an increased monetary base, and geopolitical tensions. Central banks worldwide, notably China, have been significant buyers of gold, contributing to its price elevation.

Strand emphasized gold's historical safe-haven status, further reinforced by recent geopolitical developments and central banks' desire to increase their gold reserves as a hedge against potential future crises. Additionally, he noted the potential negative short-term impact of large retail positions in the US Commodity Exchange but maintained an overall positive outlook for gold's future pricing.

Strand also pointed out that gold miners, which were undervalued, have begun to see significant returns, attributing this to stabilized costs and rising gold prices benefiting miners' profit margins.

The discussion also covered uranium mining, highlighting it as a growing sector due to its role in green energy and the construction of new nuclear reactors. However, Strand cautioned about the binary risk associated with accidents in the uranium market.



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