Gold Is Down 28% From Its Peak. We See It Bottoming at $3,500
Gold May Need One More Washout Before the Next Leg Higher
The consensus remains overwhelmingly bullish on gold. Ironically, that’s one of the reasons I think patience is warranted.
My longer-term view hasn’t changed. I still believe gold is in a structural bull market. What has changed is the timing.
Rather than chasing prices here, I believe the higher-probability opportunity lies lower specifically into the $3,400-$3,500 region, where a major institutional demand zone sits beneath the market.
Two Gold Myths Worth Ignoring
Before discussing where I think gold is heading, it’s worth clearing up two narratives that repeatedly dominate headlines.
Myth #1: Mine production drives gold prices.
It doesn’t.
Annual mine production is roughly 5,000 tonnes. Above-ground gold stocks exceed 220,000 tonnes.
