There is no telling how high gold will go

Gold last traded at $1,874 an ounce. Silver at $24.31 an ounce.

NEWS SUMMARY: Precious metal prices rose Thursday on safe-haven buying and a weaker dollar. U.S. stocks traded mostly lower as the virus surge worries Wall Street and the vaccine rally pauses.

Wells Fargo/Kitco---"The gold market has been stuck in a fairly narrow range for nearly two months...However, one market analyst says that gold's destination is less important than the journey that it is currently on. In a recent interview with Kitco News, John LaForge, head of real asset strategy at Wells Fargo, said that he is maintaining his updated year-end target at $2,100 an ounce...Rather than looking at year-end targets, he said that investors should pay attention to the long-term uptrend...LaForge noted that since hitting an all-time high above $2,000 an ounce, gold has managed to hold critical support around $1,850 an ounce. He added that this is an indication of underlying strength in the marketplace. 'The fact that we pull back to $1,900 and then don't really get below that for long, I think we're on a new technical chart now,' he said. 'Direction really does matter more than price targets because when it breaks out when you get a new chart like this, you just don't know how high.'....Although LaForge said he is skeptical that gold prices can push back above $2,000 an ounce before the end of the year, he is a lot more confident that prices will hit his 2021 target of $2,300. LaForge said that he remains bullish on gold as nations continue to print money and devalue their currencies. He added that the U.S. hadn't felt the major effects of devaluation because it continues to hold the coveted reserve currency status. However, he added that it's only a matter of time before the U.S. joins in the race to the bottom. 'If we're looking at massive currency devaluation, you got to go into alternative assets, and gold continues to look good,' he said. 'You need to be in something that is going to holds its value.'"