We believe that the combination of an expected Fed dovish pivot by Gold traders in late 2023/early 2024 and strong official sector buying should lift prices to $2,100+ on a sustained basis in 2024.

As the precious metals environment becomes favourable, Silver is also projected to do well as it trends toward $26. The white metal will benefit from lower carry costs, improved industrial demand later in 2024 and primary market deficits.