The pretty simple reason why we are stuck in a channel around 20c is the current market and the fear associated with it. Plus the expectation that gold should have shot up by now with the fear and expectation of everyone moving to safety to boost the gold price. Unfortunately, the high US dollar has screwed this expected precious metals rally so far. However, right now the USD is at a peak and it won't last forever. Those that think it's a PDI issue are kidding themselves, we have actually held up pretty well compared to how the share prices of the big blue-chip, and producing gold miners have faired in the past year.
So when will things change??? That moment will be the end of this year/early next year as we move into the northern hemisphere winters IMO. The EU will be the first to go due to this energy crisis, businesses closing, leading to mass unemployment, and the inevitable property crash.
No doubt this will spread to the USA too. Right now they have had a 'boost' in summer jobs and also the post-pandemic lockdowns mass return to work, which led to 'surprising' unemployment figures in the USA. These figures will no doubt worsen considerably in the months ahead as we move into less productive winter months IMO. This lower than expected unemployment data in July was the only thing stopping them from calling a spade a spade and telling the public they were in fact in a Recession. The people awake, know this is guaranteed and the USA is already in a recession.
Once the majority of people wake up to this, as the data worsen's and realise inflation is not easing (as the Democrat-run media try to constantly tell us), expect mass panic and a run to safety havens. Yesterday's market reaction to the inflation data was one of the first steps to the sheep waking up. There is no way Biden will say the word Recession in the next 7 weeks before the mid-term elections which will define the way the country operates for the next 2 years with all the Democrat policies on the line. However, if Republicans run congress then saying the word 'Recession' is then open game... the economic blame game shifts...
The US dollar crumbling, the mad rush to safety and the massive rally of precious metals gets closer by the day. Along with that, you have all the BRICS countries organising their own gold backed currency to also attempt to take down the US dollar. No doubt about it IMO, things are about to change in a big way.
(20min delay)