30 October 2023
Amid Middle East tensions and European recession fears, spot gold prices soared over 10% in a month, from $1,815 to around $2,000 per ounce, the highest since May 2023. Bloomberg’s Mike McGlone suggests gold could potentially reach $3,000 by 2024, especially if the anticipated US recession hits by year-end. Contrarily, US equities are facing a sell-off, with expectations of a brief rally before a continued bear market into 2024.