2024 Gold Prices and Precious Metals Positions: Webinar Recap

If you’re interested in investing in gold and other precious metals, this webinar recap is just for you. Our guest, Greg Allen (founder of Allenhouse Metals), provided an in-depth overview of the precious metals market. The webinar focused on 2024 gold prices and precious metals positions and the potential for investing with an IRA. The full session also discussed the rules and considerations for precious metals in an IRA, as well as the potential impact of economic and market trends on precious metals.

Additionally, the webinar covered the following topics:

    • A discussion on the projections for precious metals and gold for 2024.
    • Insights into the potential impact of economic and market trends on precious metals.
    • A Q&A session addressing specific queries from the attendees.

You can watch the recorded webinar here or read the highlights below.

Host: Scott Maurer, Vice President of Sales, Advanta IRA

Guest: Greg Allen, Founder, Allenhouse Metals

Key Insights on 2024 Gold Prices and Precious Metals Positions

    • The value of precious metals rises with the cost of living over time, making them a safe-haven investment.
    • The US dollar is the number one indicator for gold and silver. They share an inverse relationship.
    • There’s more profit potential in silver right now than there is in gold.
    • The gold-to-silver ratio is a crucial tool to determine what to invest in. Currently, the ratio is wider than usual, indicating that silver may gain more than gold.

The importance of precious metals in a diversified portfolio

The webinar emphasized the significance of including precious metals in a diversified investment portfolio. Greg Allen explained that precious metals, especially gold and silver, can serve as a safe haven during economic uncertainty, while also offering consistent returns over time.

Allen explained, “Precious metals typically soar in value when stocks plunge and when there’s geopolitical uncertainty.” He further emphasized the long-term potential of precious metals. “Consistently, precious metals like gold and silver outperform markets like equities and real estate,” Allen noted. He also pointed out that central banks have been purchasing record amounts of gold, bolstering its demand.

Allen also highlighted the potential of silver outperforming gold, using the gold-to-silver ratio as a key indicator. “Silver has more volatility but tends to have more upward momentum, as we saw throughout the webinar presentation,” he explained.

The impact of interest rates and the US dollar on gold and silver prices

Another key point discussed in the webinar was the relationship between Gold bars stacked together representing 2024 gold prices.interest rates, the US dollar, and the prices of precious metals. The Federal Reserve’s interest rate policies and the valuation of the US dollar are particularly influential.

“Rate cuts are pending… we believe that based on these rate cuts, not only is the dollar going to return to 89 on the index, but additionally as the FED unwinds its $10 trillion balance sheet, most analysts predict the dollar could return to 72 on the index,” said Allen. He added that a weakened US dollar typically leads to an increase in the value of precious metals.

He also stated that “If the dollar loses value, gold and silver go up in value. If the dollar gains value, gold and silver go down in value.”

The benefits of physical ownership of precious metals

Maurer and Allen discussed the advantages of physically investing in precious metals, specifically through self-directed IRAs. Allen explained how physically owning precious metals through an IRA offers certain tax advantages and provides investors with more control over their investments.

It is important to note that IRA owners are prohibited from personally storing IRA-owned precious metals. IRS rules mandate these assets be physically stored at an approved and insured depository.

Typically, there are no issues with liquidity when buying and selling physical precious metals such as gold and silver bars. Buying metals with cash and selling metals for cash occurs instantly. As Allen explained, physical ownership allows investors to avoid the risks associated with ETFs, which may not be actually backed by a physical metal.

Allen explained, “The reason we recommend [investing in] investor bars is because they maintain that premium, so when they sell, they’re not taking a haircut.” He emphasized that investor bars are better for maintaining the value of an investment compared to numismatic coins, which carry high premiums and may not retain their value.

Key Quotes from the 2024 Gold Prices and Precious Metals Positions

  • “The metals that are allowed in IRAs are typically gold, silver, platinum, and palladium.” – Scott Maurer
  • “The US dollar is the number one indicator for gold and silver.” – Greg Allen
  • “Silver benefits from something that gold doesn’t. It is the second most useful commodity in the world.” – Greg Allen
  • “We are always happy to go over charts, go over analysis, and go over the details with anyone if you ever have questions on what’s going on or you want to help create a strategy for yourself.” – Greg Allen

If you have questions about investing in precious metals in an IRA, contact Advanta IRA