- Despite recent volatility, the gold market continues to hold firm support at around $1,950 an ounce. However, despite the precious metal's resilient strength, one analyst says something more is needed to drive the precious metal to record high.
"If we do get this jump back up in Money supply and again and investors start to worry that we are printing too many of these little pieces of paper, we will finally see that long-term run in gold and silver. I would expect that rally to last for three years," he said. "The more politicians talk about deficit spending, the more people will realize just how unstainable this environment is," he said."Where do you go when people start losing confidence in their currency and want to preserve their wealth and purchasing power?"
Looking at gold and silver's technical outlook, LaForge said that despite the long-term consolidation, the precious metal is in a good place to capitalize on any market uncertainty.