Ann: Quarterly Activities and Cash Flow Report - Sept 2020, page-90

I don't think we will see gold go much lower than its current price ($1862 USD) at the time of writing.

The price of gold really declined in 2013 (although did spike in 2011) as the economic outlook for the USA improved and debt was slowly being paid back, quantitative easing was slowed and the US was standing on its own feet again. That big decline was 5 years after the GFC. Right now, we are only at the beginning of that phase with much much more to go.

Not only have we printed more money in 2020, but we're expecting to continue to print money in unbelievable amounts as a result of COVID, this will push the price of gold up higher and higher, and the US debt will be getting higher and higher. Gold will naturally appreciate as more money printing will cause the USD to depreciate, the US is running itself on inflation and has hamstrung itself into a position where all it can do is print money and prolong the ticking time bomb. The US does not effectively use its borrowed funds to enhance capital improvements to wealth generating assets & jobs, which provide productive income and national growth, instead it borrows money to fuel consumption of the american people. Gold will keep rising, particularly under a Biden presidency which is more likely to print even more money than a Trump administration would. Politics is just a game of power now.

The worst part is, in the USA everyone is so caught up about social justice and rights (which is an issue don't get me wrong), that they're forgetting the real issue of their debt and economic position, which is far more dangerous for the quality of life of all individuals, particularly minorities. They shouldn't be protesting about more pay or more rights, they should be protesting about bringing back businesses and industries which provide america with some bargaining power in the world, so that the quality of life for all individuals can be improved. To be able to increase pay rates, benefits and health care systems in a meaningful way, you need to have a very good position economically to support that, where the US does not.

I'll end this post with my favourite analogy from Peter Schiff about the US and its place in the world. Something to ponder, remain bullish on gold imo, its going up, up, up.