#GoldTechnical Analysis#24K99 News On Thursday (October 31), gold suddenly experienced a sharp pullback, but Peter Schiff, the director of Wall Street's hotung inv and SchiffGold chairman, claimed that this year's "explosive rise" in gold is just the beginning, predicting that upcoming inflation and economic turmoil will drive a historical rebound in gold.

Spot gold plummeted $43.50, or 1.56%, to $2743.63 per ounce at the close on Thursday. Some analysts pointed out that the main reason for the sharp drop in gold was technical selling.

Kitco's website article stated that the gold market is experiencing some technical selling pressure, largely overlooking the inflation indicators favored by the Federal Reserve.

StoneX analyst Rhona O'Connell stated that potential forces driving gold demand include geopolitical tensions and uncertainties in election results, with the market still in a "buy on dips" mode.

It is worth noting that just before the sharp drop on Thursday, spot gold had reached a historical high of $2790.11 per ounce on the same day.

Economist and prominent gold bull Peter Schiff emphasized a significant increase in gold in 2024. He wrote on the social media platform X: "Gold is heading towards its best year since 1979. The difference is that in 1979, inflation was nearing its peak and the gold bull market was nearing its end, whereas now inflation is approaching a low point." He emphasized: "The gold bull market is just beginning."

The comparison with 1979 is of great significance: that year, gold soared against the backdrop of rampant inflation, the Iranian Revolution, and the Soviet invasion of Afghanistan, with the price of gold rising from $226 per ounce at the beginning of the year to $500 per ounce, driving demand for gold, ultimately reaching a record high of $850 per ounce in early 1980, equivalent to approximately $2800 per ounce in current terms after adjusting for inflation. However, the 1979 gold bull market quickly ended due to the Fed's interest rate hikes to curb inflation.

In 2024, the rise in gold is driven by economic uncertainty, central bank purchases, and especially geopolitical risks in the Middle East. The expected rate cuts by the Federal Reserve and central bank demand further support the gold price, making this a historic year.

In another post on the X platform, Schiff wrote: 'Rising gold prices and bond yields are not part of the 'Trump trade'. Regardless of the outcome of the U.S. election, budget deficits and inflation will rise, which is very unfavorable for bonds but very bullish for gold. Therefore, even if Trump loses the election, both the gold price and bond yields will continue to rise.'

Gold, as a traditional safe haven during times of geopolitical instability, has surged by about 35% this year and is expected to deliver its best annual performance since 1979. The low interest rate environment will further support the upward trend in gold.

Schiff has suggested the 'strongest gold bull market in history,' pointing out that inflation and currency devaluation are factors that could lead to a substantial price increase.

Earlier this month, he made astonishing remarks stating that if the price of gold could rise from $20 per ounce to $2,600 per ounce, it could potentially reach $26,000 per ounce, or even $100,000 per ounce.

Schiff warned at the time that inflation could worsen due to war, and he predicted that as the U.S. dollar continued to weaken, the price of gold would rise significantly.

The renowned gold bull explained that war often destroys production capacity, reduces consumer goods, and increases the money supply. He predicted that as the US dollar weakens due to continuous printing, the value of gold may soar.

Shearer said: "If gold can rise from $20/ounce to $2,600/ounce, then it can rise from $2,600/ounce to $26,000/ounce, or even $100,000/ounce."

Last month, Peter Shearer said, gold "will see its best year since 1979, when it rose by 126%", "Investors still haven't paid attention to the bull market, nor have they added mining stocks to their screens."

On September 20th, Schiff wrote in an article: "Gold is having one of its best years ever, up over 26%, poised to surpass the 32% rise in 2007. The price of gold is set to have its best year since 1979 when it rose by 126%. However, GDX is up only 31%. This means that investors have yet to notice the bull market or add mining stocks to their screens."

GDX is the code for the Vaneck Gold Miners Exchange Traded Fund (ETF). This ETF tracks the performance of companies engaged in gold mining and related industries.

Schiff has been warning about the state of the US economy. He emphasizes that preparing for the upcoming inflation requires accumulating gold.