Daily Technical Analysis News

Can Gold Touch the $9,000 Price Level Within the Next 10 Years?
by vstrandingsystem on MAY 18, 2020
With the federal government pulling out all the stops to keep the economy afloat, it might not bode well for safe haven assets like gold. However, in the long term, some market analysts are forecasting that within the next 10 years, gold could actually rocket upwards to $9,000 per ounce.

“It looks like [gold will get]a consolidation on the higher levels, with one nasty, little pullback where all the weak hands are shaken off and then the next wave up towards $1,800 and then the all-time highs of $1,920,” said Florian Grummes, managing director of Midas Touch Consulting. “Once gold sustainability takes out the all-time high of $1,920, it can run easily a few hundred dollars further.”

However, Grummes cited history, the 1970s in particular, as a reference point for gold where a dynamic bull run in precious metals took place.

“If you look at it from a very long-term perspective, and you can only compare it to the bull market of the 1970s. Once the bull market started again in 1976, it went up for four years and it went up basically from $100 to $890, so nearly nine-fold. If you use the same ratio to today’s numbers, we would end up having gold, at some point in the future, $8,000, $9,000 gold, but we’re talking five to 10 years, I think,” Grummes said.
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