When it comes to predicting the price of gold in the years to come, financial analyst Mike Larson is one of many who are bullish on the precious metal. In a recent interview with Kitco News, Larson said that he believes gold prices will be steadily trending upwards through the end of 2024.
According to Larson, the increased investor demand for gold, as a safe-haven asset, paired with the potential for strong economic growth in 2021 is likely to further drive up the price of gold over the next three years. With a rocky start to 2021, it’s no surprise that investors have sought out gold as a hedge against inflation and social unrest.
Larson also noted that while the gold market could face some difficulty going forward, such as a strengthening U.S. dollar, he believes its overall trajectory is positive. He maintains his outlook of gold prices continuing to move upwards over the next several years, especially if the world’s economy can continue to maintain its growth.
While some investors may be tempted to sell gold quickly in search of a quick profit, Larson cautions against this strategy. He believes that patient investors who believe in gold’s long-term prospects as a safe-haven asset should be rewarded with steady gains over the next 4 years.
With so much volatility in the financial markets, it’s no wonder that investors are turning to safe-haven assets like gold. Mike Larson’s optimistic outlook for gold through the end of 2024 is encouraging news for those looking to add gold to their investments, and those that remain patient could be in for some substantial returns.