Every now and then, we like to mix things up by running a fun experiment with various artificial intelligence (AI) chatbots to predict the future prices of bitcoin, ethereum, gold, and even the 2024 election results. Three months ago, we tested eight different chatbots, asking them to predict where the price of gold and silver would fall by the end of the year. Since gold has seen quite a bit of value increase since then, we figured it was the perfect time to run the experiment again and see what insights the bots could provide this time around.

Chatbots weigh in on 2024 precious metals market forecast

On May 22, 2024, the price of gold stood at $2,424 an ounce. Fast forward to today, and the price of gold has increased by $154, making it worth much more. Meanwhile, an ounce of pure silver, which cost $32.02, is now slightly cheaper at $30.70 an ounce. With just 51 days until the US election and three days before the crucial Federal Open Market Committee meeting – set to decide on the first interest rate cut since March 15, 2020 – we conducted a new experiment. This time, we asked a group of 11 different AI chatbots to predict the future price of gold and silver under these changing conditions.

The AIs in our lineup included Google's Gemini, Mistral AI's Le Chat, Claude's 3.5 Sonnet, Chatgpt 4, 4o, 4o mini, o1 preview, Openai's o1 mini, Inflection AI's Pi, Venice.ai, and Microsoft's Copilot creative mode. The question posed was quite similar to the one asked on May 22, although there were a few changes this time. For this experiment, the exact prompt used was:

This experiment aims to predict the price of gold and silver at the end of 2024. As a precious metals expert, you are required to assess the likely price of gold and silver at the end of 2024 and provide a basis for your forecast. The global macroeconomic environment remains uncertain. Today is September 15, 2024, with the price of gold currently trading at $2,578 per troy ounce and the price of silver at $30.70 per troy ounce. Gold has increased by 19% over the past six months, while silver has increased by more than 22% over the same period. Based on your expertise, what will be the price of gold and silver per troy ounce on December 31, 2024?

Gemini's answer:

Le Chat's answer:

Based on current trends and macroeconomic uncertainty, gold is expected to reach $2,750 per troy ounce by December 31, 2024. This 6.7% increase is driven by gold’s appeal as a safe haven in times of uncertainty. Silver, with its higher volatility and industrial demand, is forecast to reach $35 per troy ounce, a 13.9% increase, outperforming gold due to its dual role as a store of value and industrial metal.

Pi's answer:

Given the current macroeconomic uncertainties, gold and silver prices are likely to remain high through the end of 2024. Gold could reach $2,800 per troy ounce, driven by its safe-haven appeal. Silver, with its dual nature as a precious and industrial metal, could trade at $35.50 per ounce by year-end, supported by its demand across a variety of industries and its role as a store of value.

Claude's Answer 3.5 Sonnet:

Based on current trends and macroeconomic factors, I predict gold will reach $2,750 per troy ounce by December 31, 2024, driven by ongoing economic uncertainty and inflation concerns. Silver is expected to rise to $33.50 per troy ounce, benefiting from increased industrial demand and its historical correlation to gold prices. These forecasts assume continued global economic volatility.

Venice.ai's answer:

Chatgpt o1's preview answer:

Given the ongoing macroeconomic uncertainty and recent uptrend, I predict gold prices will reach $2,700 per troy ounce and silver prices will reach $33 per ounce by December 31, 2024. Safe-haven demand and inflation concerns will likely continue to push prices higher.

Reply Chatgpt 4o:

By December 31, 2024, I forecast gold at $2,750 a troy ounce and silver at $33.50. Continued macroeconomic uncertainty, inflationary pressures, and safe-haven demand will drive these prices. Silver’s industrial demand and gold’s role as a hedge against global risks will support further gains.

Reply Chatgpt 4:

Given the current macroeconomic uncertainty and the recent significant upward trend in precious metals, gold and silver are likely to continue to rise. By the end of 2024, I predict gold will reach around $2,750 per troy ounce and silver will reach around $33 per ounce, reflecting continued investor interest and inflationary pressures.

Chatgpt 4o's short answer:

Given the current macroeconomic uncertainty, gold could end 2024 at around $2,800 per troy ounce, buoyed by its role as a safe-haven asset. Silver could reach around $35 per ounce, benefiting from industrial demand and inflation concerns. Both metals would continue their upward trajectory as the economy continues to fluctuate.

Chatgpt o1's mini answer:

By December 31, 2024, gold is expected to reach around $2,700 a troy ounce, while silver could rise to around $32 an ounce. Persistent global economic uncertainty and inflationary pressures could boost demand for these precious metals as safe-haven assets, pushing their prices higher.

The co-pilot's answer:

Despite the proprietary algorithms and unique programming behind each chatbot, there was a striking uniformity in the language used across the 11 predictions. For example, many began their forecasts with the phrase “Given the current,” suggesting a common linguistic pattern. Likewise, their price forecasts were nearly identical, with most predicting a slight increase in gold and silver prices, reflecting a consensus view of where the market was headed.

This convergence in the language of prediction and numerical forecasting not only underscores the bots’ reliance on similar data sets, but also highlights a broader consensus about the future economic landscape, shaped by geopolitical tensions and macroeconomic uncertainty. It is a vivid reminder of the interconnectedness of global markets and the sophisticated tools we now have to interpret their movements, which serve as both a resource and a mirror of our collective economic consciousness.

What do you think about AI-generated forecasts for precious metals? Please share your thoughts and opinions on this topic in the comments section below.
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