| I’ve seen them all, and I can tell you that Bob Prechter is one of the smartest, most insightful and gracious market analysts in the investment industry.
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| He’s been a long-time friend of mine and our organization, and in truth a friend to investors everywhere. His annual presentations at the New Orleans Investment Conference are always big hits with our audience, and packed with valuable insights that are simply unduplicated by anyone else.
After this year’s New Orleans Conference, I reached out to Bob and his team to see about getting their gold analysis to share with our Golden Opportunities readers. They were eager to share their views, and I’m pleased to offer them to you in the article below.
And, by the way, I can’t recommend their service more highly. The Elliott Wave International team is simply the best around, with comprehensive coverage of all markets as they detail below.
— Brien
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| Gold’s Bull Run Will Pause
— But It Isn’t Over
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| By Elliott Wave International
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| Note: Elliott Wave International is different from all other market analysis firms. We do not rely on guessing what the Fed will do or parsing the latest law from Congress. In our view financial markets ebb and flow on natural changes in mass psychology. When market “waves” and indicators demonstrate an extreme in either direction, we take a contrary stance. This approach has proved useful in predicting the prices of the stock market, the bond market, precious metals, the U.S. dollar, and even bitcoin. For free samples, visit https://www.elliottwave.com.
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| Picture this: It was the summer of 1980, and gold was rallying. It had reached $850 per ounce a few months prior, and investors were bullish as ever as it was climbing again.
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| But in his presentation at the National Committee for Monetary Reform Conference in Montreal, Robert Prechter warned the audience that gold was rallying in a bear market. Gold and gold stocks topped at $720 two months later and lost ground for 20 years after that, falling to $260.
Gold has been in a bull market again since 2001. Will it continue? Here is a sneak peek of our perspective in the following excerpt from the December 2024 issue of The Elliott Wave Theorist:
On March 17, 2023, our Short Term Update recognized that the rally in gold from late 2022 was wave 1 of a larger five-wave advance. On October 6, 2023, STU reported that the wave 2 correction was ending, setting up a big rise in wave 3. Over the next 13 months, gold climbed $997 an ounce.
That rise was huge, so many people think the bull market is over. We have a different view.
The November 1 issue of The Elliott Wave Financial Forecast published Figure 12, showing the wave labeling since the major low of 2015 and indicating that wave 3 up in gold had just ended. Figure 13 updates the picture. Figure 14 shows wave details on a daily chart.
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| The wave 4 correction should last a few months and bring prices down to somewhere near $2,500/oz. As you can see on the chart, wave 2 was a zigzag. So, by the guideline of alternation, wave 4 should take the form of a flat, a triangle or a double three. The Short Term Update will monitor its progress. If this labeling is correct, wave 5 will ultimately carry gold to new all-time highs.
Late note: Figure 15 below updates gold’s Elliott wave count as of January 3, 2025, in our just-published January Elliott Wave Financial Forecast.
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| You can read our accompanying commentary on gold’s wave count and Commercia`ls and Large Speculators’ activity in our just-published January Financial Forecast, plus our latest Elliott Wave Theorist and Short Term Update publications. Subscribe now and get instant access to recent issues, so you can get right up to date.
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| CLICK HERE to watch interviews by Brien Lundin and Kai Hoffmann with many of today's most exciting junior mining companies on the
Gold Newsletter Youtube channel.
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