The fourth quarter has seen a strong performance from gold. In early October, the price of gold stood at $1,820 per ounce, according to Kitco, and looked as if it would continue to drop in value as it had done the previous five months.
Instead, the precious metal flipped the script completely, spiking up to $2,040 according to Kitco. That puts it within spitting distance of its record high.
In addition to its recent growth, in an article put out by Kitco discussing the recently published 2024 “Metals and Mining Outlook” from Bank of America, the author shares that strategists with BofA think that if the Fed cuts rates before the second quarter, “gold could finish 2024 at $2,400 per ounce,” demolishing the previous record by hundreds of dollars.
For investors looking to position themselves to benefit from this possible outcome, a gold ETF can be a compelling investment choice. In this article, we examine a unique physical gold ETF and its recent performance.