1526: Gold's Centerpiece Price

We've reminded our readers time and again per the above Gold Scoreboard that 1526 is our "aggressive" high forecast Gold price for this year. To be sure, following Gold reaching that 1526 target on August 12 (at 18:00 Pacific Time), price further punched through to trade as high as 1566 just a week ago ... only to have since sunk sub-1500 in settling out the week Friday at 1496.

But most remarkable given that 1526 was a significant "support becomes resistance" level from all the way back in 2013 -- the key rationale for selecting such price as this year's "aggressive" high -- is that since regaining 1526 this past August 12, it has become Gold's Centerpiece Price. 'It's stunning to see when we look at it graphically: the red line in the below chart depicts 1526 across Gold's hourly trading track from 12 August through yesterday's close:

Thus from our purview for 2019, Gold 1526 has been a fairly accurate choice for price's topping out, notwithstanding the brief overshoot to 1566, price now back sub-1526.

That staid, with better than three months to run in 2019, there's plenty of time for a further fundamental Gold push given whatever chaotic flavor -- monetarily be it ramped up currency creation, globally be it trade war trepidation, politically be it private assets confiscation -- races to the fore. Forecast already by Goldman Sachs is Gold 1600 come January. More broadly, Bank of America Merrill Lynch muses that within two years we'll see Gold 2000, which we deem conservative (both the time-line and the 2000).

Indeed at the (albeit above-average) linear rate up at which Gold has raced this year-to-date, price in the regression vacuum would reach 1600 this 19 December 19. And from the extrapolated percentage growth rate of this year-to-date, Gold would eclipse 2000 precisely on December 31, 2020. That's just 15 months from now.

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