@desertheadmay be particularly interested in the this post.
The following chart shows what has happened historically when POG breaks out. The chart comes from the Daily Gold - the key observation is that once gold breaks out there is a substantial increase in the POG within 12 months and based on historical moves from 1978, 2002, 2005, 2007, 2009 and 2019 the POG could rise to around $3,000 sometime during 2024 if it follows past trends assuming the breakout we have seen is confirmed.
To be fair and balanced this source states that while the gold price has broken out to the upside it needs to rise a fair bit more to confirm the breakout (probably to around $2,500).
This apparent but not proven gold breakout is from a 13 year cup and handle trend and is apparently the most significant gold price breakout in 50 years (according to this source). If the breakout is confirmed then POG may run a lot higher from current levels over 2024 and 2025.
The above is my summary from reviewing a number of videos on https://www.youtube.com/@TheDailyGold/videos.
It is not my opinion but I thought the views were interesting and worth sharing. Don’t shoot the messenger! I am not normally a great fan of TA but I have to admit gold has a lot of tail winds especially the high levels of debt and the out of control USA government debt and budget deficit.
WGX Price at posting:
$2.36 Sentiment: Buy Disclosure: Held
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