Will gold and silver repeat their 2008 performance?
Some of the most popular assets for protecting investor wealth are precious metals. Such as gold and silver. Both metals performed tremendously in 2020,
Gold increased by 25%
Silver increased by 48%
But if history is any guide, they have much further to run.
Looking back to 2008, the presidential elections, and the market crash of 2008, events that made precious metals soar by 50%. Now a global recession is on the loom and we have presidential elections in 2 years.
And if 2008 is any guide. 2024 could be a good year for precious metal investors. The day before election day 2008 gold closed 722$. By the end of election day, gold had risen 761$, and by the end of the year, gold had risen to 880$, which is 25%. Gold continued to rise further. 1 year after the 2008 election gold had risen to 1091, gaining 51% over its pre-election price.
Silver performed similarly, rising from 9$ before the election, to 11$ by the end of the year. Gaining 15% From then silver took off, reaching 17$ after only 1 year after the election. A gain of 78%. We are seeing those gains today. Just replicate these percentage gains for 2024.
Today gold is trading at around 1600$ per ounce, and silver at 18$. Imagine what are 50-80% gains in 2 years’ time.
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