IAUF - Gold Is Still Undervalued

From 2011 to 2012, gold underwent a two-year topping process at the $1,800/oz handle. Gold is now up over 18% YTD and recently breached this critical resistance level. Fundamental and macro analyses tell me that the gold bull market is still in the early innings, and this technical breakout serves as a confirmation signal of the current rally.

(Source: goldprice.org)

Aside from the technical breakout, inflows into gold ETFs in 2020 have surpassed cumulative flows from 2009, demonstrating strong demand.

(Source: Bloomberg)

This article attempts to reveal to investors why, even after a

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