At the start of each year, we at GoldSilver.com review forecasts from major banks, financial institutions, and respected analysts to measure market sentiment toward gold. These insights form the basis of our annual Gold Price Prediction article and provide a comprehensive outlook for the year ahead.
With several months of strong gains already behind us, it’s a good time to revisit those predictions and consider where gold may go next.
And speaking of gold, did you know which coin originated in Venice and was widely circulated for more than five centuries? Its reliability and acceptance made it extremely popular across Europe and beyond, and many states later imitated it. We’ll cover that in more detail below.
But first, the latest headlines.
Ancient 2,300-Year-Old Gold Ring Unearthed in Jerusalem
Archaeologist Tehiya Gangate recently uncovered a 2,300-year-old gold ring in Jerusalem believed to have belonged to a child from the Hellenistic period. According to the Israel Antiquities Authority (IAA), the ring was formed by hammering small pre-cut gold leaves into a metal base and dates to around 300 BC.
Credit Card Delinquencies Rise to a 14-Year High
Consumers are increasingly struggling to pay credit card bills. Severe delinquencies climbed to 10.7% in the first quarter — a 14-year high, according to the Federal Reserve Bank of New York. This is up from 8.2% a year earlier, and it accompanies total credit card debt rising to $1.12 trillion. Younger consumers, particularly those in their 20s and 30s, are among the hardest hit as lower earnings and limited savings make payments more difficult.
Four Tech Titans Propel the Market Higher on AI Optimism
Nvidia, Microsoft, Apple, and Alphabet added more than $1.4 trillion in market value this month — more than all other S&P 500 stocks combined. Nvidia, driven by AI demand, was responsible for roughly half of that gain. While AI innovations like ChatGPT have spurred significant growth, some observers warn the rapid rise may resemble past market bubbles where elevated profits proved unsustainable.
UBS Forecasts Silver Could Reach $38 by Mid-2025
UBS expects silver to outperform, supported by rising industrial demand, particularly from the photovoltaic sector. The bank revised its outlook to $36 per ounce by the end of 2024 and $38 by June 2025.
You’ve probably heard of the California Gold Rush of 1849, but it wasn’t the first gold rush in the United States. In fact, as early as 1803 one state experienced its own rush:
A. North Carolina
B. Florida
C. Georgia
D. Kentucky
Scroll to the bottom of this article for the answer.
The Widespread Acceptance of the Gold Ducat
In 1284 A.D., Venice introduced the gold Ducat, a coin that became one of the most influential and widely used currencies in the world for more than five centuries.
The Ducat—literally “the Duke’s Coin” in Medieval Latin—gained prominence because its weight and purity were consistently maintained by the Venetian mint. Each Ducat contained roughly 3.5 grams of gold with a purity near 99.5%, making it a trusted medium for commerce.
Merchants and traders across Europe and the Mediterranean preferred the Ducat because it offered reliable value and consistent quality. Its reputation extended beyond Europe: the Ducat circulated in the Ottoman Empire and reached parts of Asia, reflecting gold’s role as a universal trade medium. Many states and empires later struck their own versions of the Ducat, adopting its specifications and design features in hopes of matching its success.
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Checking In on Gold’s Performance in 2024
After a 13.3% gain in 2023, gold has matched that strong run so far in 2024. The year began with gold priced at $2,063 per ounce and, as of May 31, 2024, gold traded near $2,335 — a 13.2% year-to-date rise. Gold reached a peak close on May 20 at $2,433.90, representing gains up to about 18% this year.
Comparing the Forecasts
At the beginning of the year, many analysts were cautiously optimistic, with most 2024 predictions clustering between $1,800 and $2,200 per ounce. Below is a summary of notable forecasts from the start of the year:
| Analyst / Firm | 2024 Gold Price Prediction |
| World Bank | $1,900 |
| ING | $2,100 |
| Goldman Sachs | $2,133 |
| Wells Fargo | $2,100–$2,200 |
| UBS Bank | $2,200 |
| Citigroup | $2,400 |
| Bank of America | $2,400 |
| Ronald Stoeferle, Incrementum AG | $2,500 |
| Zach Scheidt, Rich Retirement Letter | $3,000 |
| Juerg Kiener, Swiss Asia Capital | $2,500–$4,000 |
| Robert Kiyosaki | $5,000 |
Updated Projections
Given gold’s strong performance this year, several institutions have revised their forecasts upward:
- UBS originally projected $2,200 for 2024 and has since raised its year-end outlook to $2,600.
- Goldman Sachs moved its forecast from $2,133 to $2,700 for the year.
- Citigroup updated its view from $2,400 and now suggests gold could reach $3,000 by 2025.
- Bank of America likewise increased its forecast from $2,400 to $3,000 by 2025.
These revised forecasts from major banks reflect growing confidence in further gains and give investors reasons to remain optimistic about gold’s near-term prospects.
This concludes another issue of GoldSilver Nuggets. We’ll return next week with more news and market updates.
Best regards,
Brandon S.
GoldSilver
You may recall the California Gold Rush of 1849, but the earliest U.S. gold rush occurred decades earlier. In 1799 a 17-pound gold nugget was discovered in Cabarrus County, North Carolina, and additional finds at Little Meadow Creek in 1803 sparked the first American gold rush — long before California’s famous boom.
Answer – A. North Carolina