The gold markets (cash and futures) this week hit record highs. The question all traders/investors of all markets would love to have answered, but never can, is: “How high are prices going and when will they get there?” With the caveat that nobody has ever and will never know the precise answer to that question, let’s have some fun by doing a trend-line analysis projection on gold prices by using a long-term monthly continuation chart on nearby futures prices dating back to the early 1970s. By using trend-line projections based on the trajectory of the trend lines, one can come up with prices and dates for projected price moves. So here goes on nearby gold futures using the latest, most aggressive uptrend line on the monthly continuation chart for nearby Comex futures.
Gold:
–July 1, 2024 gold futures will hit $2,188.00
–Sept. 2, 2024 gold futures will hit $2,278.00
–Dec. 2, 2024 gold futures will hit $2,440.00
–February 2025 gold futures will hit $2,500.00
–July of 2025 gold futures will hit $2,750.00
–January of 2026 gold futures will hit $3,000.00
–December of 2027 gold will hit $4,000.00
–October of 2029 gold futures will hit $5,000.00
–April of 2039 gold futures will hit $10,000.00
There you have it. When gold hits 10 grand I’ll be sitting in my rocking chair sipping a cold Old Milwaukee Light at 80 years old. Let me know where you think gold prices are headed in the future. I enjoy hearing from my valued readers all around the world.