Central Banks Are “Gold’s Greatest Ally” and They Will Push Gold Prices Much Higher
by James Rickards for Agora Financial’s Gold Speculator
You’re likely aware of the price action in gold lately. Gold has rallied from $1,591 per ounce on April 1 to $1,782 per ounce as of today. That’s a 12% gain in less than three months.
My earlier forecast was that gold would hit $1,776 by the Fourth of July. I guess I was a bit early!
Today’s price of $1,782 per ounce is the highest since 2012 and a 70% gain from the low of $1,050 per ounce at the end of the last bear market in December 2015.
The history of gold bull markets (1971–80 and 1999–2011) shows that the most powerful gains come toward the end of the bull market, not at the beginning.