Investors will need to be tactical to harvest returns from commodities next year but there is an area where J.P. Morgan is making a broadly bullish call — precious metals.
The firm expects a breakout rally the middle of 2024 with gold prices hitting a targeted peak of $2,300 an ounce, according to the investment bank's commodities outlook.
Silver, meanwhile, will push above $30 per ounce on the rate cutting cycle, according to J.P. Morgan.
The global economy is expected to slow, but will avoid a recession from 2024 to 2025, making it difficult to provide an overarching bullish or bearish call on commodities, according to the bank.
There is value in oil and gas but how investors time their entry and exits will be critical, according to J.P. Morgan.
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