Most Ukrainians choose to store their savings in dollars and euros. In addition, some invest in digital currencies like bitcoin and other altcoins. However, financial analysts believe that today there is another reliable tool for storing savings.
It’s about gold. It is precisely this currency, according to analysts’ forecasts, that will not lose its value in the coming years and will be a more reliable means of storing savings than recognized world currencies.
Many financial analysts believe that this precious metal will not only retain its value, but will significantly increase it in the near future.
“My forecast is $2,500 by the end of 2024. This is largely due to the fact that recessionary factors may intensify before the end of the year and enter into force in 2024. I think next year gold will make new highs and go even higher,” wrote Livermore Partners founder David Neuhauser.
His forecast is shared by the head of Wheaton Precious Metals, Randy Smallwood, who also believes that as a result of recessionary processes, the role of the most reliable means of storing savings will pass to gold.
To date, the gold price record is held, which was set on August 7, 2020. Then the cost of a troy ounce reached 2072.5 dollars. However, analysts are confident that now the global financial market has all the prerequisites for this record to be overcome in the near future.
“I think gold will hit $2,100 in late 2023 or early 2024,” predicts TD Securities managing director Bart Melek.
At the same time, he added that, probably, the Federal Reserve (the American analogue of our NBU) will no longer raise the discount rate. According to Melek, over the past 12 months, gold has shown better dynamics than other banking assets. Therefore, in the face of the depreciation of paper money, and not only the dollar or the euro, this precious metal can become the most reliable means of storing savings for the next few years.
Recall, according to analysts’ forecasts, in the near future the dollar will decline. That is, the dollar continues to fall in price.
2023-08-14 19:12:16
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