After an all-time high of $ 2070 an ounce reached on August 7, the price of gold fell to $ 1865 / oz in just 48 hours, between Monday 10th August and Wednesday 12th August morning: but that’s only a correction, despite what some improvised experts said. Gold price forecasts indicate that growth will continue to highs that were unthinkable a few months ago.

Until a few days ago, before a couple of setbacks that brought it back below two thousand dollars an ounce, the price of gold was at an all-time high. The team of VanEck, a company with over 50 years of experience in investing in gold and on bullish positions since mid-2019, confirms its bullish call on the yellow metal in the wake of the strength of the bullish factors. A few days ago I wrote that the gold price forecasts are very bullish and indicate new highs in the medium term: I confirm it, these days there is only a market correction. Time will prove me right, you will see.
Joe Foster, portfolio manager and strategist at VanEck, explains that since 1968, when gold was quoted at $ 35 an ounce, bull market drivers have been of two types, inflationary or deflationary, as in the current cycle, suggesting a price above $ 3,000 per ounce as reasonable and possible. In fact, the VanEck expert sees similarities with the rise in 2001-2008, when gold rose by over 200%.
Gold price forecasts still bullish
Foster points out that the framework of central bank stimulus and high levels of systemic risk is similar to that of the 2008 global financial crisis, and believes that $ 3,400 could be a bull market arrival point.
VanEck cites the low interest rates and the still unknown economic impact of the pandemic, but also other technical factors, such as the weakness of the dollar*, geopolitical uncertainty and the continuing rise in debt levels. Furthermore, gold could be ready for a good performance even in the event of rising inflation, precisely because of the massive stimulus measures adopted by central banks and governments around the world.
*In these days in which there has been the sharp and sudden downward correction in the price of gold, I have read that among the various reasons there would be a recovery of the dollar: but really there is someone who believes that if the US dollar index rises from 93.270 (7 August) to 93.868 (morning of August 12, European time, coinciding with the lowest point of the gold price correction) with an evident ups and downs, there is a dollar strengthening? Nonsense.
In fact, already in the afternoon the gold price rose to 1944 dollars an ounce and the US dollar index returned to around 93.33.

On the afternoon of Thursday 13 August the price of gold has already risen to 1950 dollars, the US dollar indeex has fallen to 93.19.
Going back to gold price predictions, according to Jan van Eck, CEO of the Company “gold continues to be a scarce commodity, and the fact that there have been no significant new discoveries since 2016 only adds to the pressure on supply. Meanwhile, gold companies have re-emerged from a period of management turnover and fiscal restructuring and are now better positioned to return value to shareholders”.