DBG Dunbo: Gold will never return to $2,000 and will triple its current level

Chief Market Strategist at Euro Pacific Asset ManagementDBG Shield BoPeter Schiff said that after this year's performance, gold prices will not fall below $2,000 an ounce in our lifetime.

"I don't think gold is going back to $2,000, that's history, and we're going to go a lot higher without resistance," said Mr. Schiff. "Gold could double, triple or even go higher from now on."

Schiff analyzed previous gold price rallies and consolidations, noting that gold prices have broken through previous levels and are up more than 28% so far this year.

DBG Dunbo: Gold will never return to $2,000 and will triple its current level (Figure 1)

"From 2011 to 2024, gold went through a long consolidation, trading between $1,500 and $2,000," he says. "But that was after a big break in 2001-2011, when gold went from below $300 to around $1,900."

Mr. Schiff adds: "At some point gold will rise high enough that greed will start to replace fear in the market and then you will start to see investor appetite for mining stocks pick up."

Daily chart of spot gold

Beijing time on December 5th 9:47 spot gold reported 2647.31 US dollars/ounce

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Disclaimer: The content of this article does not represent the views of the Institute of Foreign Exchange. The content is for reference only and does not constitute investment advice. Investors operate accordingly at their own risk.