On the year, ETF gold holdings dropped modestly by 6.8 tons, but assets under management rose by 26 percent to a record high of $271 billion thanks to the skyrocketing price of gold.
Gold achieved remarkable gains in 2024, rising 26.5%, its best annual performance since 2010. Along the way, it set 40 new all-time highs, peaking at $2,780 per ounce last October 30.
I expect new all-time highs for the gold price by mid-year 2025 at the latest. From there, another 10% rally to new highs should follow, which would take price to about $3100 or so.
Most people fixated on the red-hot U.S. stock market last year. Gold was better. The yellow metal edged out U.S. stocks to rank first among traditional asset classes.
While the past couple of months have been frustrating for gold bulls—myself included—I firmly believe that our patience will be richly rewarded once gold climbs to $3,000 and much higher.
