From an interim peak of $1,951 per ounce on November 6, gold fell to $1,769 per ounce on November 30, a 9.3% decline in just three weeks. This quick decline was the latest leg down in an intermediate-term fall from $2,063 per ounce on August 26, 2020. From that all-time high, gold fell 14.3% in three months.
The decline since August and the recent November downdraft have gold investors on edge. Is the bull market over? Is gold on its way down to the $1,200 to $1,400 per ounce range it held from early 2016 to mid-2019?
Here is your correspondent, about 700 feet underground in a gold mine in Utah. Before descending, we were kitted out with helmets, headlamps, reflecting vests and miner's belts with an emergency oxygen supply attached to the belt. This mine is still in the development phase, not yet in the production phase.