(Kitco News) After taking a major step back from its massive summer rally with a temporary drop below $1,900 an ounce on Tuesday, gold attempted to recover.
But the price pullback might not be over, according to Goehring & Rozencwajg Associates managing partner Leigh Goehring, who is not ruling out seeing $1,500-$1,700 levels this year.
A corrective pullback was widely expected as gold prices rose incredibly fast in a very short period of time. The precious metal managed to breach its 2011-high of $1,920 an ounce, rise above $2,000 and make new record highs above $2,050 an ounce all in under three weeks.
At the time of writing, December Comex futures were trading at $1,926.70, down 1.01% on the day. The price correction seems to have some weight behind it and gold could retreat as far as $1,700 or even $1,500 this year before reversing and hitting new record highs above $2,000 an ounce.
Perspective is everything when it comes to price drops, Goehring told Kitco News on Tuesday, noting that this pullback in particular might represent “the last great buying opportunity.”
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