Amid all the negativity, some are now calling the bottom in gold. The latest is Marcus Garvey of ICBC Standard Bank Plc, who sees gold prices rising back up to 1300 over the next 6 months.
Calling this the bottom of the current cycle and seeing increasing demand factors, Mr Garvey believes there is more upside than downside at the present time. He did, of course, leave open the possibility for a dip below 1200 “if the current market dynamics persist”, which agrees with the view of your friendly Gold Enthusiast. Sadly the full interview isn’t online, but we can point you to a discussion of it that gives a few more viewpoints.