(USAGOLD – 6/19/2023) –
Van Eck, the New York based ETF and mutual fund manager, believes gold is “testing the base of its recent uptrend at around $1950” and “if it holds” will take another shot at all-time highs at $2075.
“Gold,” it says in a recent advisory, “has been in a bull market for over seven years, rising 87% from its secular low in December 2015. However, unlike the steady and predictable bull market of the 2000s, this bull moves up, down and sideways in fits and turns that makes price targeting next to impossible. The main drivers of past gold bull markets are extraordinary tail risks and a falling dollar. We are living in an age of tail risks as the world goes through sickness, war, social disorder and financial stress that most people thought were relegated to the past. The level of tail risks today are at least as significant as past bull markets.”
Gold’s bull market trend since 2015
(After Van Eck’s chart published at the link above)
Chart courtesy of TradingView.com and Van Eck • • • Click to enlarge
