Gold Grants One Last Buying OpportunityBy Luke BurgessWritten...

Gold Grants One Last Buying Opportunity

By Luke Burgess Written Nov 16, 2020

Gold prices remained lower last week and flat today after the coronavirus vaccine announcements and despite a record number of coronavirus cases in the U.S. But the vaccines really weren't the only thing pulling down the price of gold. On November 6, the price of gold rallied to a six-week high as the U.S. dollar fell and the pound sterling rose.

The British pound jumped to its highest levels in two months after the U.K. announced it would pump another £150 billion (US$195 billion) into its economy amidst a second lockdown across England. That was 50% higher than economists anticipated.

But that little rally wasn't expected to be long-lived — at least I didn't expect it to be long-lived. In fact, I even wrote about it:

It's likely the pound sterling will remain strong today on the back of the announcement. But by Monday morning it's also likely there will be a million new factors pulling the currency in a million different ways.

So the gold rally on the back of a stronger pound might be a bit short-lived.

Of course, there was no way I could have known about Pfizer's coronavirus vaccine announcement. But that's exactly what happened.

So there are really two things weighing down on gold prices going into this week. And only one of them — the coronavirus vaccine information — is really being recognized by the mainstream financial media. That makes for a pretty great buying opportunity in my eyes

Although I really don't expect to see much action from gold until the end of December or beginning of January, I am still highly confident the price of gold is positioned to head north of $5,000 an ounce sometime next year. Everything we've been writing to you about gold's hyper-bull market still holds water.
So I suppose you don't need to own gold right this second. But I'd urge you to buy much sooner than later. We're already halfway through November. The new year is only weeks away.

Honestly, it doesn't matter. What gold investments should you own?

Mining stocks, bullion, ETFs... investors are going to make a killing on all of them. Of course, some investments will see much higher gains than others. But basically any gold-related investment is going to do very well next year.
The mainstream financial media will call it a bubble. But by that point we'll already be holders.

Until next time,

Luke Burgess
Editor, Outsider Club