Bulgaria Sees Record Gold Sales Surge as Prices Hit New Highs
Tue Nov 05 2024
Gold is experiencing a historic surge, reaching a record high of 2,792 dollars per troy ounce in real terms, and showing strong gains in Bulgaria as well. Tavex Bulgaria reported that gold sales in October 2024 rose by 78% compared to October 2023. Additionally, sales volume saw a substantial increase of 64% from September to October of this year. Notably, these figures reflect quantity rather than the significant rise in gold prices, highlighting an even larger financial impact.
Max Baklayan of Tavex described this period as unprecedented in both price and demand, noting that such growth is remarkable not just in Bulgaria’s 15-year organized gold market, but globally since the 1970s. After nearly a 40% increase in the annual price of gold, investors are now speculating on the longevity and extent of this bullish trend.
Baklayan anticipates that gold prices could reach between 2,700 and 4,000 dollars per troy ounce over the next five to ten years—a potential 48% increase. He considers this prediction conservative, given that gold prices have already risen over 260% in the last 15 years.
Investment fund Incrementum has recently echoed a bullish forecast, expecting the price of gold to accelerate from its previous four-year stability around 2,000 dollars. They project a 75% increase by the end of the decade, reaching around 4,821 dollars per troy ounce by 2030.
Baklayan believes the macroeconomic and political landscape will support gold’s upward trend over the next decade. However, he also warns that price corrections are likely, and stresses the importance of understanding gold as a stable investment, likening it to "real money" essential for long-term wealth preservation.
Source: https://www.novinite.com/