In his view, gold’s move back below the US$2,400 per ounce level is completely normal — Hemke noted that nothing ever goes straight up, and emphasized that a ‘two steps forward, one step back’ pattern is healthy.
With that said, he does see strong upside potential for the precious metal in 2024. In his view, there are a lot of technical targets that line up with US$2,650 or US$2,700, and he said that’s probably the next point to watch for. While those heights won’t necessarily be achieved this year, Hemke thinks gold could finish the period at US$2,400 or US$2,500.
Taking a step back to provide a look at the larger picture for gold as well as silver, he emphasized the importance of preparing for the inevitable collapse of the current debt-based system.
‘You reach a terminal phase, and I think we’re finally now getting there, where the debt is growing exponentially and so quickly that the amount of new fiat money creation even just to service the debt — it all just begins to spin tighter and tighter and out of control,’ he explained during the interview. ‘Your protection against that sort of collapse has always been the ownership of physical gold and physical silver too.’
Watch the interview above for more from Hemke on gold and silver.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.