Valuations remain deep into dangerous bubble territory, heralding a serious bear market to normalize stock prices with earnings. Despite soaring 27.2% in 2024, gold remains the most-underallocated asset.
Overall, the market development remains strongly bullish, and we expect market participants to want to see the round psychological mark of USD 3,000 as soon as possible.
Increased demand for gold as well as the perceived "remonetization of gold" would almost certainly lead to higher bullion prices. Maybe not as high as $10,000, but likely not as low as $2,800.
The market came down last week, and for this week, it's up almost two percent, and it's up $54 for the week. The market pattern is one of lower highs, lower lows.
