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Speaking at this year’s Prospectors & Developers Association of Canada (PDAC) convention, Jeffrey Christian, managing partner at CPM Group, shared his outlook for gold and silver prices moving forward.
‘We’re looking for record gold prices (in 2024) … we’re looking for a significant, in our mind, increase in gold prices,’ he said. ‘We’re looking at an average price of maybe US$2,050 (per ounce), up from US$1,950 last year.’
Christian sees more of a move happening in the third and fourth quarters as worries increase among investors.
In terms of silver, Christian said CPM Group thinks US$20 to US$22 per ounce will be its low range for the year, while US$27 or US$28 will be its high point. As with gold, the firm expects the silver price to pick up toward the end of 2024.
All in all, he sees 2024 as ‘another year of living dangerously’ — a phrase CPM Group last used to describe 2008.
‘We look at 2024, 2025 as a similar period of uncertainty,’ he noted. ‘I think one of the big parallels is you’re looking at a year in 2024 where politics will be much more important in investors deciding whether to buy or sell gold and silver.’
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.