Will Rhind: Gold Stands Out in 2024, 3 Factors Moving in its Favor
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"Gold to me still stands out as being that precious metal that will get the most traction, will get the most attention and probably perform the best this year," said Will Rhind of GraniteShares.
Will Rhind, CEO of GraniteShares, discussed his 2024 outlook for gold, sharing three factors working in its favor.
"I think it's set up nicely for an environment where to me three key factors move in gold's favor. In other words, the dollar gets weaker in an election year ... I think inflation starts to come down, helping interest rates come down, which eases obviously the real cost of gold, the holding cost of gold," he explained to the Investing News Network.
"And then lastly, the geopolitical tensions don't seem like they're really willing to go away quickly, and therefore will keep some tension in the market and again some interest in gold as a defensive asset."
Aside from that, Rhind pointed to the amount of cash currently sitting on the sidelines, noting that investors can still get good returns on the money they have in the bank. However, if that starts to change they could start moving toward gold.
When asked where he sees the most opportunity in 2024, Rhind said artificial intelligence is clearly the zeitgeist.
"I think that will endure — AI is I think the seminal theme not just of last year and this year, but I think of years to come. So the technology market has prospered in this environment for good reason," he commented.
At the same time, gold's fundamentals remain positive. "Gold to me still stands out as being that precious metal that will get the most traction, will get the most attention and probably perform the best this year," Rhind said.
Watch the interview above for more of his thoughts on gold, as well as platinum and silver.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
