Daily Gold Market Report

Gold inches higher ahead of today’s all-important unemployment, payrolls numbers
Goehring & Rozencwajg sets long-term price target for gold at $12,000 to $15,000 (!!)

(USAGOLD – 7/7/2023) – Gold inched higher in early trading ahead of today’s all-important unemployment and payrolls numbers. It is up $6 at $1919.50. Silver is up 4¢ at $22.79. The bond market continued its plunge, with yields surpassing critical upside levels – 4% on the 10-year and 5% on the two-year. Goehring & Rozencwajg, the natural resource investment firm, caught our attention recently with a long-term gold price target of $12,000 to $15,000 an ounce. It’s been out of the gold market over the last two years, it says, but now it is getting back in.

“We think that gold has entered into a new phase of this bull market,” says Adam Rozencwajg in a recent interview. “It probably started in the third and fourth quarter of last year, and it really revolves around central banks’ behavior as much as anything else. I think it’s going to propel gold much much higher in this leg of the bull market.” As for the ultra-high price target, Rozencwajg says, “That’s always been our long-term price forecast on gold.”

overlay chart showing the gold bull analog wo 2011 market and present
Chart courtesy of Merk Investments • • • Click to enlarge

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