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Category: Gold News

Gold Price Predictions: Why One Expert Thinks Gold Prices Will Hit $2,600

DeCarley Trading’s co-founder believes gold will continue to soar but might hit some bumps along the way

Source: VladKK / Shutterstock.com

Commodity experts are coming out of the woodwork with gold price predictions after Carley Garner, co-founder of brokerage firm Decarley Trading, stated she expects the bullion will reach $2,600 per ounce.

Indeed, in an interview with Kitco News, Garner affirmed her belief that gold is on a long-run to $2,600 — but that it may be worth waiting for a correction before buying in.

“The nice thing about breakouts is they have a habit of retesting the breakout area. I Think [sic] gold is going much higher; my weekly charts and monthly charts are telling me somewhere around $2,600, maybe even a little more than that,” Garner said.

“Gold is really tough because of the way it trades. It will literally trade sideways for four years like we just did, and then when nobody’s watching it and no one’s expecting it, it rallies. Gold and silver are the markets that invented the FOMO trade.”

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Gold is in the midst of a seven-day rally, trending around its highest level ever at nearly $2,200 an ounce. Garner believes the yellow metal may pull back as low as $2,050 before soaring back up.

According to Garner, even given gold’s recent rally, it may still be notably undervalued compared to the likes of the S&P 500 and many of the highest-valued tech companies in the world.

Reasonably so, the S&P is up 9% so far this year and 34% over the past twelve months. The fastest-growing tech company in recent memory, Nvidia (NASDAQ:NVDA) is up a staggering 87% this year, up nearly 300% over the past twelve months. Despite its recent growth spurt, gold is only up 5% year-to-date and 13% in the past year.

Carley Issues Bullish Gold Price Predictions as Economic Uncertainty Looms Over Stock Market

Carley speculates gold may be responding to the recent surge of Nvidia and Bitcoin (BTC-USD), which has also experienced rapid growth recently:

“It’s almost like, gold and silver saw what was going on in Bitcoin and NVIDIA and said, ‘hold my beer.’ Now it’s Gold’s turn. There’s a lot of COVID cash out there that is still working its way through the system. We’re not done with all that liquidity.”

For Carley, the recent run-up in stocks may be preceding a major correction. On the other hand, gold is at a relatively reasonable price even now.

“Everyone’s be talking about rising inflation and geopolitical risks. We have all these things going on and gold just could not get out of its own way. Well, guess what? Gold is finally starting to react. These risks are only going to grow. But Now [sic] people are going to say, wait a minute, we need some protection, so gold still has some catching up to do.”

On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

With degrees in economics and journalism, Shrey Dua leverages his ample experience in media and reporting to contribute well-informed articles covering everything from financial regulation and the electric vehicle industry to the housing market and monetary policy. Shrey’s articles have featured in the likes of Morning Brew, Real Clear Markets, the Downline Podcast, and more.


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