The precious metal gold has been on an impressive upward trajectory, culminating in a record-breaking high of $2,266.8 per troy ounce in early April. This milestone marks a significant achievement for the gold market, which has consistently demonstrated resilience and growth over the past few years.
In 2023, the LBMA (PM) gold price reached a remarkable year-end close of $2,078.4 per ounce, setting a new record high and delivering an impressive annual return of 15%. The average gold price throughout 2023 was strong at $1,940.54 per ounce, 8% higher than in 2022.
The surge in demand for gold has even caught the attention of major retailers like Costco (NASDAQ: COST). Last September, the company began offering gold bars for sale and saw remarkable success, surpassing $100 million in sales during their first fiscal quarter of 2024. This growing global unease, fueled by economic and political turmoil, has led investors to seek safer alternatives like gold, particularly in election years and during regional conflicts like the Russia-Ukraine war and the Israel-Hamas war.
According to the cup and handle theory, a popular technical analysis pattern in finance, some analysts believe that gold is approaching the handle part of this pattern, which could indicate a bullish continuation pattern. Investors and traders familiar with this pattern may use it as a signal to make decisions regarding buying or selling gold.
For those looking to capitalize on this gold rush, working with a trusted precious metals dealer like Priority Gold can be a valuable resource. Based in Dallas, Texas, Priority Gold has earned a reputation as one of the industry’s most reliable companies, with an A+ rating from the Better Business Bureau (BBB), an AAA Rating with Business Consumer Alliance, and a 5-star rating with TrustLink.
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