Gold prices seem to have been in a ping-pong match since the start of the COVID pandemic. However, since the midterm election, it seems as if prices are mostly trending upward. But is this a trend that will continue?
Retired entrepreneur, investor, and founder of Smart Money Tracker Premium.com Gary Savage thinks so.
Back in December, Savage told Red Rock Reports that he believed gold may have ended its 8-year cycle low.
“I think there’s a pretty good chance that gold has completed that 8-year cycle low, and that doesn’t mean we have to rocket launch back up, but it should mean that [gold is] going to be generally moving higher over the next four to five years,” he said.
He confirmed that cycle low in a recent YouTube video.
In another video, Savage said he sees a price breakout coming for precious metals. But how high does he see prices going?
“I think $5,000 [gold] is going to be a piece of cake. Now that doesn’t mean, a piece of cake doesn’t mean it’s going to happen next year, it just means that it’s going to get there in the next 8-year cycle,” he explained. “I’ve been on record to say that $100 silver is going to be a piece of cake. Again, it doesn’t mean it’s going to be an easy ride there; I’m just saying it’s going to get there.”
So just how high does he think prices will go?
“$5,000 would be my minimum [gold] target. $10,000 is not out of the question. $500 silver is not out of the question…”
However, as he pointed out, the ride to higher prices won’t be an easy or quick one. He thinks prices will move progressively higher over the next four to five years.
As for a recession, Savage said one is coming, and it won’t be a mild one.
“I don’t think it will be a mild recession; I think it will be a really bad one, especially if the war in Europe intensifies, which it almost certainly will.”
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