Scary Gold Price Drop! Chris Vermeulen Drops BOMBSHELL Predictions for Gold & Silver Prices

Scary Gold Price Drop! Chris Vermeulen Drops BOMBSHELL Predictions for Gold & Silver Prices

Gold moved lower in the first week of November after hitting a new all-time high on the first of the month.
According to the World Gold Council's Gold Return Attribution Model, gold was pressured lower by strength in the US dollar and momentum factors, including the lagged gold price, gold ETF outflows coming off a solid month, and a drop in COMEX net managed money net longs reflecting the likely unwind of pre-election hedges.
With over 20 years of experience in the financial markets, Chris Vermeulen specializes in technical analysis and is known for his ability to identify market trends. While analyzing the daily chart, he suggests that gold could see a significant pullback in the coming months, potentially down upto 2,100 dollars, which likely coincides with an economic slowdown. He forecasts a gold pullback but remains long-term bullish, seeing it as a unique buying opportunity. Gold has been a standout investment in recent months, outperforming traditional assets such as stocks and bonds.
In his assessment, Chris suggests that gold correction might reflect broader economic conditions, as money flows out of traditionally defensive assets like gold and bonds. According to him, the strengthening dollar is also impacting gold as investors turn to assets with growth amid rising market optimism. The dollar advanced near a seven-month high against major currencies while the benchmark US 10-year yield climbed.
Gold is likely to be under pressure in the near term due to growth optimism. Risk-on sentiments will lead to further ETF outflows as investors flock to Bitcoin and other risk assets, denting the metal's safe-haven appeal for the time being.
Various market experts, including Chris Vermeulen, explain that silver has followed gold's price movement, hitting resistance and now pulling back. He notes that while the upside for both metals may be limited in the short term, there's potential for them to rebound and test recent highs as the stock market faces a possible downturn. Gold is arguably the best-performing asset class in 2024 and will continue to be among the best-performing next year, no matter what happens to the global economy.
While the yellow metal is traditionally seen as a low-risk, low-return investment, an "investment of last resort," it has outperformed equities, which is no mean feat considering that the S&P 500 has closed at record highs at least 50x so far this year. As of September 23, gold was up 27.1% year-to-date, compared with 20.8% for the S&P 500.

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