Millionaire and veteran investor in the U.S. markets Jim Rogers predicted that gold prices “will go very high” next. The XAU/USD index, which tracks the Spot Gold prices shows the precious above the $2,300 mark on Thursday. The commodity is attracting buying pressure from retail investors, institutional funds, and central banks of developing countries.
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The massive accumulation is what’s driving gold prices up making it print new highs every month in 2024. Rogers explained that if there’s a problem in the stock market, gold prices stand to benefit and will be the first commodity to skyrocket. The global stock market remains on a slippery slope due to the ongoing conflict in the Middle East between Iran, Israel, and Palestine.
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Gold Prices To Go ‘Very High’, Explains Jim Rogers
The millionaire expressed that gold prices remained trading sideways for nearly five years and are now picking up steam. He added that whenever gold picks up momentum, the pendulum swings straight to the top leading to massive profits. Rogers explained that whenever a commodity remains static for a long and begins moving later, investors can bet their money on it.
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“Gold prices have been down for many years. In the recent months, it started moving. Whenever a commodity, which has been static for a long period, starts moving, it gathers momentum. That’s what is happening with gold right now. The momentum is building and who knows how high the gold rates will go,” Rogers told Business Today TV.
He added that the stock market will face turbulence in Q3 or Q4 of this year. The development will help gold prices catapult to new highs by the end of 2024, he predicted.
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“I am expecting problems in the equity market to escalate in the coming months. Whenever we have problems in the equity market, many people will turn to gold and silver as protection. I am not selling my gold and silver. If possible, if the rates come down, I will buy more,” he said.
