I explained why gold’s upside target could be above the $3,300 per ounce level in an October 17 Barchart article. I wrote, “$875 in 1980 is over $3,340 per ounce in 2024. With gold in nominally uncharted territory, the inflation calculator for the inflation-sensitive gold price could set the upside target in the current environment.” Nearby December COMEX gold futures were at $2,690.70 per ounce on October 16 and were on their way to over $2,800 on October 30 and 31. Gold prices have moved lower since late October, and while a deeper decline is possible, buying on a scale-down basis could be a golden opportunity for the coming months and years.
Gold’s long-term bullish trend remains firmly intact
