Relax, Gold Only Has Another $80 Downside: Trend Forecaster

Gold has fallen nearly 20% since its 2016 peak and although markets seem to be pricing in further downside, one longtime trend forecaster does see an end in sight. 'We're saying gold has another $80 down - that's not a lot," Gerald Celente, publisher of The Trends Journal, told Kitco News. However, despite the positive outlook, Celente says he wouldn't expect to see similar strength in the gold market in 2017 as seen early this year. At current levels, he thinks gold is at a great entry point 'for those that want to look long term because the global economy is very different than the American economy.' Celente is positive on the U.S. economy, especially as the country gears up to welcome a new, business-oriented President. However, a stronger U.S. economy translates into weaker emerging market economies, which would bode well for safe-haven gold, he explains. 'I'm optimistic for gold as a safe-haven asset when you look at weaker currencies. the world is bigger than America.'