Economy 22-02-2024 13:03 7 Views

Yvonne Blaszczyk: Gold an “Absolute Necessity,” Key Factors to Watch in 2024

Yvonne Blaszczyk, president and CEO of BMG Group, discussed the factors driving the gold price today, including the growing influence of the BRICS nations, central bank buying, global conflicts and interest rates.

Honing in on the BRICS, she highlighted that the member countries want to reduce their dependence on the US dollar.

‘This could be a turning point for the financial world and political world as we know it right now,’ Blaszczyk explained. ‘BRICS right now is I think a huge, huge competition for the hegemony of the US dollar as a reserve currency.’

In her view, this shift is just one of the reasons why it’s important for everyone to add gold to their portfolio.

‘Gold is money, and countries that have gold will not perish. Gold will never disappear, will never be zero, will never diminish. The physicality of it is going to prevent that,’ she said. ‘I think there’s a misconception, because gold fluctuates on a daily, weekly basis, but overall on an annual basis over a period of time, gold is a fabulous, fabulous place to be.’

In terms of where gold is headed in 2024, Blaszczyk said she believes the precious metal is set to rise.

‘On an annual basis I do believe that the price of gold will go to about — if things go conservatively — US$2,300 (per ounce) in 2024,’ she said, adding that it could move even higher if geopolitical turmoil expands.

Watch the interview above for more from Blaszczyk on the topics mentioned above.

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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