Gold is sleeping at the $1700 level – not for long

Seeking Alpha/Andrew Hecht

image of 500 gram gold bar with chart in background“Bull and bear markets rarely move in straight lines. When it comes to gold in US dollar terms, the bull roared from the turn of this century through 2011. Gold consolidated above the $1040 level from 2011 through June 2019, when the next leg to the upside got underway. Last week the price of the precious metal corrected below the $1700 per ounce level, which is likely another in a long series of buying opportunities. I believe that gold is heading above the $2000 per ounce level and that $3000 or higher is not out of the question.”

USAGOLD note:  We referenced this report in yesterday morning’s DMR and repost it here for those who may have missed it.  There is an old saying among gold advocates and owners: The best time to buy the metal is when everything is quiet.

Repost from 5-14-2020

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