My $817 Target for Comex Gold
I’ve been using an $817 target for Comex Gold since September 2013. If the futures were to fall to that price, it would represent a 32% decline from current levels of around $1193 and a 57% decline from the all-time high of $1920 achieved in September 2011. A fall to $817 is by no means a done deal, however. For a concise explanation as to why, along with some very precise benchmarks you can use to evaluate and trade the swings, check out this five-minute presentation recorded on June 2.
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I like Rick’s analysis here.
I dont like it when I hear Mining CEO’s saying that they’re making good money at gold $1200.
Suggests to me that Rick is spot on here.
I agree with this.
I have the same target. Using my own way of interpreting fibonacci ranges (into the future) – a chart I did in November 2013.
https://goldstockcharts.files.wordpress.com/2013/09/ltgoldfibwave.png
This was on my prototype blog. I have now started a dailygoldchart.com site using the same techniques in various timeframes.
Good luck to all.
john, yes, anyone that has stood for delivery HAS received delivery. They do NOT settle in cash. You have been duped with bad information.
Rick, one can make a case that the gold bear that began in 2011 isn’t done (although my interpetation is it is over in weeks and begins higher from basically these levels), but how does anyone figure we are going to go back to 2009 levels? The charts, the fundamentals, everything says there is no way gold will fall another 30% from here. It would have done it by now if it was going to go back to those levels. Respectfully, your old friend, Phil Calderone.
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Stop by the chat room sometime, Phil, and query subscribers about the accuracy of my forecasts. In any case, as I tired to make clear, $817 is not a done deal. How so many seem to have missed that point is a mystery to me. RA
Your gold prediction along with your surname leads me to suspect you as a NWO, Rothschild shill… just a guess. T
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Your comment leads me to suspect you’re a moron. RA
As there is no physical delivery on comex, they make you settle in cash. The price can go wherever the guys who control the market want it to go. A physical market is the only way to know the real price. Try buying on comex and stand for delivery, did you get your gold?
No doubt, Rick’s target is correct; in that, gold is due for quite a drastic drop. Although, it may reach $681; the level hit at the height of the 2008, financial crisis. Whatever the low may be, gold will find a bottom and then, proceed to hit new highs; blowing through $2300, easily. It takes a lot of patience to make money in these markets! Thank you, Rick!!