iGold

Gold prices continue to correct from the new all-time high set on August 6, 2020. On that date, gold hit $2,074 per ounce – the highest cost to purchase one ounce of gold in the history of mankind. Since that point, gold has corrected some $226 or 10.9% to the recent low of $1,848 on September 28.

What is next for the price of gold? Has this been a major long-term top, or is there more upside to come?

Our analysis suggests the later – that gold is about to embark on a major new up-leg which should take it well above the recent $2,074 high.

Further, the timing of this next advance may be sooner than most people expect… perhaps as soon as weeks following the US election on November 3.

The time to prepare for this investment scenario is now.

Gold is Retesting Its Former All-Time High

It is critical that investors grasp the big picture for gold: the 5,000-year store of wealth is presently retesting its former 2011 all-time high resistance zone:

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Silver rose nearly 163% from its Coronavirus-panic lows of $11.30 to its peak on August 6 of $29.82. However, following that incredible rise, silver has since fallen dramatically: from its August 6 peak down to its September 23 low of $21.64 is a drop of nearly 28% in just six weeks. As this article is going to press, the precious metal is trading in the middle region of that range at $24.50.

What is ahead for silver? Is this sell-off over, or is there more downside to come?

Our analysis suggests that silver is within the midst of a wide and volatile consolidation that will resolve upward within the next several months. Keep reading to learn why we expect silver to move above $30 per ounce into 2021.

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After surging to a new all-time high of $2,074 in August of this year, gold has since come back to $1,848 for a low in late September. The precious metal is currently trading at $1,890 spot.

Retests of former all-time highs are common in the capital markets. The market is daring buyers to step back in and purchase where they did several months ago. The bias for this scenario is that buyers will once again present themselves as they did in August.

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Gold has just broken out to a new all-time high, eclipsing the former peak of $1,920 set on September 6, 2011. As this article is going to press, gold is trading at $1,983 in the worldwide spot market.

This is a huge moment for gold. All-time highs do not occur every day, nor every year, nor even every decade for the historic store of wealth.

What now? Will gold make a second long-term peak as it did in 2011 and enter another multi-year decline? Or is there a sustainable bull market ahead?

In this article, we will examine the historical precedents for gold as it has broken former all-time highs, and then calculate realistic expectations for the price of gold over the next year based on an observable price pattern

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