Gold captivates with its price – Kommersant FM
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The price of gold has exceeded its all-time high. On the morning of December 4, it was valued on the stock exchange at more than $2.1 thousand per ounce, then the precious metal regained part of its rise. The growth in quotations was previously influenced by statements by Federal Reserve Chairman Jerome Powell, who noted that the regulator would make cautious decisions on the key rate. Tight monetary policy is slowing the economy, and rates are now in “deeply restrictive territory,” he said.
What will happen to the price of gold next? “Kommersant FM” asked the vice-president of the Golden Coin House company, Alexei Vyazovsky, about this: “On December 1, Powell’s controversial speech took place. The market took his statements in such a way that the interest rate, which is inversely correlated with the prices of precious metals, will not rise so sharply and, perhaps, there will even be some kind of pause.
Some analysts even concluded that the rate could be lowered if the US economy falls into recession. This is all good news for gold. The story of the Swiss bank UBS, which may repeat the fate of Credit Suisse, is also on the agenda. Insurance against his default has risen sharply. And gold is the main defense against such stories.
As for 2024, the forecasts are, of course, the most optimistic. I think the struggle for the level of $2.1 thousand per troy ounce will now begin. As soon as it is taken, the road to $2.2-$2.3 thousand will open. There is also our local history – ruble prices for gold. The ruble began to weaken again last week, and then Russian investors in precious metals have a double benefit. Not only is the ounce in dollars growing, but the ruble is also becoming cheaper. Level of 6 thousand rubles. 999 samples per gram, I think, will be taken quickly.”
In 2023, gold will outperform the S&P 500 index in terms of profitability, MarketWatch reported. Since January, the American index has grown by more than 7%, and futures for the precious metal on the Chicago Stock Exchange by more than 9%. In October, against the backdrop of the war in the Middle East, gold prices exceeded $2 thousand per ounce for the first time since August 1. Does it make sense to invest in precious metals now, said financial advisor Natalya Smirnova:
“Under what conditions can gold rise in price? Prices are now being affected by: increased tensions in the Middle East, inflation risks in the United States or recession risks.
In Russia, gold can become an additional protection against ruble devaluation to preserve the purchasing power of capital. Of course, not for all the money, but only for part.
If we talk about my attitude towards gold, then either a person must be a tough speculator, and then this is intraday trading. I would not leave the dollar for gold for a long time. If a Russian investor wants to protect himself from all possible risks, then these are coins or bars.
If the goal is to make money on the growth of gold and have high liquidity, without losing on spreads, which are quite high in bars and coins, then this is a Russian exchange-traded fund for gold, which is backed by physical bars. But this is also not risk-free, because if trading stops there, as it did in 2022, a person will not be able to do anything.”
In 2022, Russians bought a record number of gold bars in banks. According to the Ministry of Finance, the country’s largest banks sold 75 tons of precious metal to the population. For comparison, in previous years sales did not exceed 5 tons per year.
Everything is clear with us – Telegram channel “Kommersant FM”.
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