Gold’s Recent Price Action Suggests Ultimate Top of $5,000/ozt.

It [may]…look like a bubble [but when looked at on a] log-scaled chart (see below), it looks far from bubbly:

As the chart below shows…the correlation between the gold price from 1968 until 1979 and the gold price from early 2000 until today is an amazing 89.65%:

[Also] the correlation between the gold price action from November 1975 until April 1979 and the gold price action from January 2008 until today is an astonishing 97.83%! (see chart below):

Don’t believe me? Here is the Excel sheet I used, with data from Kitco.com.

[As such, assuming the above] correlation holds… gold should reach a price of $5,000 per troy ounce… based on the 1981 intraday high of $873 per troy ounce:

Now you have another way to look at [go here for a list of the 90+ analysts who believe that gold will reach a parabolic peak price of at least $5,000 per troy and here for what the implications are for the future price of silver] Mr. Armstrong’s prediction of $5,000 [to $12,000 by 2015/6]  gold!

 *http://profitimes.com/free-articles/gold-headed-to-5000-per-ounce

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