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