Gold is going back to $1,050 says Wells Fargo analyst
By GCRU Gold News on Saturday, October 15 2016, 00:42 - Permalink
Gold and commodities entered a drawn out bear market five years ago and there are many more years of pain to go, says John LaForge with Wells Fargo.
"The reality is gold is a commodity and commodities have entered a long bear market," said LaForge who was interviewed by CNBC in July. LaForge is the head of Real Asset Strategy at Wells Fargo.
"Traditionally those long bear markets for commodities average about 20 years—and that is using data back to 1800—and we are only in year five."
Laforge sees gold heading back to its December lows since a commodity will "go back and test its lows off of the first move down multiple times."