Last year, the press was absolutely packed with predictions that gold would go to $5,000/ounce, $6,000/ounce, $10,000/ounce. Even $20,000/ounce. You can read some of those prognostications here. These predictions were made by highly-paid, widely-followed investment professionals.
Meanwhile, in the obscure world of fringe financial blogging, there’s little old me, who has been calling for gold to fall to “somewhere between 1250 and 1300”. The funny thing is that gold has exceeded my once-laughable target. So don’t necessarily accept what the giants tell you – like, oh, say, the guys at Forbes. Sometimes the weirdos are the rightos.
OK, so lovely prediction, Tim, how long do you think it’s going to go? I am honestly having a tough time saying, but I think we could see it grinding down to near $1,000 this year. The bear market in precious metals seems well-entrenched. I am not as confident of this prediction as I was about $1250. It’s a very tough read.
