This is the view of analyst E B Tucker, who is a director of Metalla Royalty and Streaming. He was interviewed by metals information website Kitco.com
"To make big money in this market, you have to see the cycles. Nothing changes. We've had three big cycles in gold since 2000 and we're about to have another one," Tucker told Kitco News.
Tucker said that the next cycle peak could reach $1900 an ounce, but that will not happen next year.
"We're calling for $1500 next year, that's a 22% increase in the price of gold, it'll be one of the best performing markets in a very, very volatile year for equities," he said.
Overnight, the gold price was fixed at $1236.93 per ounce.
The WTI crude oil price was slightly down overnight at $51.69 per barrel.
In softer commodities, cocoa decreased $24 per tonne or 1.17% to $2036/t yesterday from the $2060 in the previous trading session, tradingeconomics.com reported. Historically, cocoa reached an all-time high of $4361.58/t in July of 1977 and a record low of $211/t in July of 1965.
Coffee increased 0.30c per pound or 0.30% to 101.25c/lb yesterday from 100.95c/lb in the previous trading session, tradingeconomics.com reported. Historically, coffee reached an all-time high of 339.86c/lb in April of 1977 and a record low of 42.50c/lb in October of 2001.