iGold

Gold and silver are in bear markets.

Why? The market-perceived reaction by the Federal Reserve to quash inflation by raising interest rates.

Whether or not the Fed is ever successful at bringing inflation down is immaterial – the market believes that the Fed will be successful, and the market is selling gold as a result. Those who disagree with the price action of the market itself will do so at their own peril over the coming years.

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The gold to silver ratio still suggests that gold will outperform silver over the coming months. Following the higher target for the ratio an important inflection point will materialize, which will represent the chance for silver to outperform gold once again. Until that time, we suggest that investors favor gold over silver for relative outperformance, and should wait for a major opportunity for silver to outperform gold again starting in 2023.

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What will be gold’s price target once it finally breaks above the 2020 – present resistance zone of $2,070 – $2,074?

In this instance, we will have a clear target calculation of $2,471 per ounce (green callout), which is defined as equal to the amplitude of the entire preceding consolidation ($397 per ounce), added onto the breakout point of $2,074.

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