Gold to $700 ?

The precious metals continue to see periodic multi-month rallies, but since the 2011 peak, the broader trend has unquestionably been to the downside. It is notable that one analyst is also offering a 'doomer' downside target of $700.


Gold, monthly'2, fib levels

Summary

..first.. see the video....


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Full story @ CNBC 


So, Mr Jacobs is considering what to most is unthinkable. Not only does he boldly suggest that Gold will break below the $1000 threshold.. but falling almost 50% from current levels.

Certainly, 3 years ago - when the precious metals market had clearly broken, I put together a few Fibonacci monthly charts for Gold and Silver.

Back then, the notion of $700 Gold was ludicrous, but from a pure chart perspective, $700 would be the ultimate downside target - whether for deflationary reasons, or otherwise.
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Suffice to say.. it was pretty interesting to see an analyst make such a call.