Shoppers are buying up gold bars like there’s no tomorrow. Here’s an Oct. 7 headline (Fox Business):
Costco gold bars selling out quickly as bullion prices rise
77% of stores surveyed by Bloomberg sold out of product within first week of October
According to the article, Costco was selling 1-ounce gold bars for $2,689.99 before tax.
Interestingly, when an ounce of gold was about $800 cheaper a year ago, hardly anyone was interested in the precious metal. Yet, our October 2023 Elliott Wave Financial Forecast said “a low [in gold] is approaching.” Just a week after that prediction, gold hit a low of $1810.35.
But, getting back to today, are all those shoppers (and investors) buying gold near the end of the rally – or is there more upside to go?
This chart and commentary from our recently published October 2024 Elliott Wave Financial Forecast provide food for thought:
Gold is up nearly 50% since EWFF turned strongly bullish near $1800. We have maintained a consistently bullish stance because the progressing wave pattern remains incomplete. … Longer term, spot prices are approaching a 44-year trendline that connects the monthly closing high in January 1980 and the monthly closing high in August 2011.
Gold: Why You Should Watch This 44-Year Trendline
Trendline connects closing high in January 1980 and closing high in August 2011
Gold bars are selling like hotcakes at one major retailer. Is the rally in gold nearly over or is there more upside to go? This decades-long trendline is revealing.
Now that you’ve seen a key trendline in gold’s price chart, you may want to check out our detailed Elliott wave analysis of gold’s price pattern in our October Financial Forecast. It will provide you with even more insights. Follow the link below to learn how you can read the October issue.
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