February 20, 2016 – This past week Goldman Sachs projected gold will fall to $1100 in the next 3 months and to $1000 by next year.
My current view is gold is in Wave V of the initial up Wave 1 (for those who know the Elliott Wave Theory you understand the 5 waves up followed by 3 waves down theory). I expect it to top out between $1280 and $1345 over the next month or so. Most likely in the lower part of that range.
Then it should decline back to the low $1200’s where it bottomed last week. And from there the rest of the year should see the stronger Wave 3 up which should see it advance at least $300 per ounce and likely much more.
I honestly don’t believe we will see gold below $1150 ever again.
So, little ol’ me has a totally different projection than the mighty Goldman Sachs. Let’s see how it plays out the remainder of this year.