“Gold is a treasure, and he who possesses it does all he wishes to in this world, and succeeds in helping souls into paradise.” - Christopher Columbus
Much like his historical reputation, Christopher Columbus’s effusive quote about gold has taken a hit over the past few years. The yellow metal has fallen nearly 40% from its 2011 high above $1,900 to trade below $1,200 at the start of this week, mirroring Columbus’s own fall from grace as more of his transgressions have been brought to light. In recognition of the upcoming Columbus Day “holiday” in the United States, we wanted to highlight why gold (COMEX:GCV14) may not be irreparably damaged.
Here are 5 reasons gold may have reached a near-term bottom at $1,180.