The yellow metal is currently trading at $3,152.70 per ounce (up 1.23% today alone), and from what I've been hearing from analysts, we could see prices break above $3,200 before April ends.
I spoke with Marcus Garvey at Macquarie last week, and he's particularly bullish: "Central banks are still buying, inflation concerns haven't fully abated, and there's genuine uncertainty about global growth. It's the perfect storm for gold."
He's not wrong. Just look at the SPDR Gold Trust (GLD), which is up nearly 15% year-to-date, trading at $293.45 today. Compare that to the S&P 500's modest 4.2% gain, and you can see why investors are taking notice.
What's driving this? A few things:
- Those tariff concerns I mentioned earlier
- Persistent inflation (have you seen grocery prices lately?)
- Central banks — particularly in China and Russia — continuing to stockpile gold
The mid-year projections I'm seeing range between $3,200-$3,300, which honestly seemed crazy high back in January but now looks increasingly plausible.
Should you jump in? Well, I added a small position in GLD to my portfolio back in February, and I'm glad I did. But remember — gold doesn't pay dividends or interest. It's purely a store of value and a hedge against uncertainty.
And right now, uncertainty is about the only thing we can be certain of.
