BULLION BANKS DEFEATED! Gold's Heading for MASSIVE BREAKOUT - Ole Hansen

Описание: BULLION BANKS DEFEATED! Gold's Heading for MASSIVE BREAKOUT - Ole Hansen

Gold has emerged as the star performer of 2024, achieving multiple record highs and trading above 2,650 dollars per ounce—a remarkable year-to-date gain exceeding 28%. Analysts suggest this stellar rally may be just the beginning, with forecasts pointing to prices potentially surpassing 3,000 dollars in 2025. Key drivers include heightened economic uncertainty, persistent geopolitical tensions, and ongoing de-dollarization trends, all fueling demand for safe-haven assets like gold. The metal's robust momentum reflects its growing role as a critical hedge in an increasingly volatile global financial landscape.
Ole Hansen, Head of Commodity Strategy at Saxo Bank, has unveiled Saxo’s bold, Outrageous Predictions for 2025, which include the U.S. dollar experiencing a dramatic decline and the dissolution of OPEC. Hansen has labeled 2024 as "the year of the metals," particularly for investment metals like gold. Revisiting his previous 3,000-dollar price target, Hansen remarked that following the recent correction, gold appears well-positioned to return to that level next year. However, he remains cautious and avoids making extreme predictions, such as gold soaring to 5,000 or 10,000 dollars.
Gold's recent surge, marking a 28% year-to-date increase, underscores its position as a favored safe-haven asset amid ongoing geopolitical and macroeconomic uncertainties. Notably, the average price of gold reached record highs multiple times this year, exceeding 2,700 dollars by October. Although prices have slightly retreated from those peaks, they remain significantly higher than in most periods of recent years, highlighting the enduring strength of gold in uncertain times.
Ole Hansen highlighted the remarkable resilience of gold, noting that December has delivered positive returns for seven consecutive years. Last year, for instance, gold posted a modest gain of 1.3%. While Hansen’s earlier predictions of a weaker dollar and earlier rate cuts did not materialize, gold still performed strongly, driven by heightened global uncertainties. Despite these challenges, Hansen remains cautiously optimistic about gold’s sustained upward trajectory.
The U.S. dollar is poised for its most significant weekly decline in a year, marking a sharp reversal from the rally fueled by expectations that Donald Trump's policies would strengthen the currency. The dollar has experienced a notable drop, falling 20% against major global currencies and an even steeper 30% relative to gold, highlighting gold's resilience as a preferred safe-haven asset amid shifting economic and policy landscapes.
Ole Hansen believes that as the year begins, the U.S. dollar is likely to remain dominant due to its status as the go-to asset during times of uncertainty. However, looking ahead, he suggested that while the dollar may maintain its strength in the early months, it could face challenges as the year progresses. According to Hansen, this evolving economic environment could significantly increase gold's appeal as a safe-haven asset if the dollar weakens and uncertainties persist.

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