Has the gold setback ended or not yet? Many gold investors are probably asking themselves this question right now. According to Leigh Goehring from Goehring & Rozencwajg, the setback could continue in the current year. He sees rates of $ 1,500 to $ 1,700 on this correction. In his opinion, the setback was to be expected after the enormous rally and could still expand.”
Even further downwards?!
“The prices could fall even further, as the fear of Covid 19 could quickly give way,” argues Goehring according to the internet portal kitco.com. Movements like this are not uncommon in a bull market. The bull market started at $ 1,050 and went all the way up to $ 2,050. If this move were to be corrected 50 percent, then gold should fall back towards $ 1,700 to $ 1,500. Silver would then have downside potential below $ 20. In his opinion, this is the second pillar of the bull market that started in 1999/2001. At that time gold was at $ 250 and rose to $ 1,920 in 2011. Then it fell by 45 percent to reach a new high of over $ 2,000 this year. However, a drop to $ 1,500 to $ 1,700 this year is a very good buying opportunity as he believes gold could rise towards $ 15,000 – by the end of this decade.