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$2,700 gold price 'could be reached in 1 to 2 years' at the earliest - Chris Vermeulen

Kitco News

(Kitco News) - The last two gold bull cycles, culminating in peaks in 1980 and 2011, were both followed by a price correction and then a multi-year consolidating pattern.

However, the highs of last year do not indicate a multi-year peak, as gold is still in a long-term bull trend, said Chris Vermeulen, chief market strategist of

"We're looking at roughly $2,700, give or take, up there to the upside, and based on the pattern that has unfolded, I would say it could be reached in the next one to two years, that would be probably the earliest," Vermeulen told David Lin, anchor for Kitco News.

On equities, Vermuelen expects a breakout to the upside to happen during this current bull cycle, but he remains in all cash until clear buying signals are presented.

"We are still in cash because the stock market…the technicals are still pointing to [the fact that] the stock market is giving a real kind of neutral, mixed signal," he said.

For more information on how Bitcoin's cycles mirror those of gold's, watch the video above.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.