2020 has been a monumental year for gold with sweeping gains and a long term bullish outlook that will carry the yellow metal to precious highs. The consensus on the future of gold going in to 2021 is clear; the only way is up. That’s why the opportunity happening right now is so incredible and has gold investors simultaneously rubbing their hands together with glee and rushing to buy.
Triggering this once-in-a-lifetime opportunity is a perfect storm of two events; the turbulent US election and drug maker Pfizer’s announcement that its coronavirus vaccine is 90% effective and almost ready for mass roll out. The US pharmaceutical firm’s announcement triggered a wave of relief for stock markets around the world and saw gold price drop by £74.21 ($100) in a wild day of trading Monday. Make no mistake, this is a knee-jerk reaction as there is plenty to support gold (more on that later) but the immediate result is the best buying opportunity in more than a decade.
If you have held off buying gold thus far due to the almost continuous price increases through the year, now is the time to move quickly. Make no mistake; the consensus is that this price dip is temporary with multiple factors supportive of gold so this is one window of opportunity that will slam shut as quickly as it appeared.