"Gold is headed higher," Lee says. "Gold is a great call. We don't think it's speculative at these current levels." Discounting for inflation Lee sees the most precious of metals heading into the $2,000's.
His view gets slightly more bullish, at least for a trade. "Historically the last move up on a commodity based rally is a parabolic move." Are we entering that portion of the gold rally now? Hard to say. Gold has moved away from it's trendline and moving average but hasn't done anything resembling the spectacular spike silver made in April. Since gold's rally started, notes Lee, gold has repeatedly tested its uptrends and moving averages and held every time, leading to ever rising moves. Lee isn't betting against it happening again.
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