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Levi Gunter: Bullish on Gold and Silver, Watch These 2024 Drivers

Levi Gunter, OneGold Sales and marketing manager at APMEX, outlined his outlook for gold and silver in 2024, saying that with so many factors working in their favor he remains bullish on both metals this year.

Looking first at gold, he thinks many elements that pushed gold higher in 2023 will persist. Those include geopolitical events like the Russia-Ukraine war and conflict in the Middle East, as well as economic uncertainty.

There’s also of course the US Federal Reserve, which looks set to lower interest rates sooner than later.

‘There are a lot of potential drivers there (for gold),’ Gunter said. ‘I’m just looking at what happened last year — a lot of those tailwinds I think are going to persist into 2024 without maybe as much of a headwind via Fed policy or rate hikes.’

Silver is moved by many of the same forces as gold, but unlike its yellow counterpart is far from its all-time high. However, coming off three years in a row of deficits, its supply/demand story is compelling.

‘I’m still bullish on it, I’m still buying it. Overall I think the fundamentals are intact for silver,’ said Gunter, pointing to industrial demand, which is expected to hit a record of 632 million ounces in 2023.

‘There’s a finite amount of the resource, it’s being used at a high rate. If you look at what it’s being used for, a lot of these green initiatives require a lot of silver. And so I’m looking at the industrial aspect to kind of outweigh investment demand, at least in the future. We’ll see if that holds or not,’ he said during the conversation.

Watch the interview above for more from Gunter on gold and silver market dynamics, as well as buying trends.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com
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