Gold Still Has Potential to Hit All-Time High - Analyst

KITCO NEWS - Although gold (GLD) prices are solidly lower  Wednesday, hitting 10-month lows, Kitco's senior technical analyst Jim Wyckoff sees light at the end of the tunnel. 'On a longer term basis, I do think that gold prices at present values are longer term value-buying opportunity,' he told Kitco News. 'I don't think I'm going too far out on a limb when I say that I think in the next decade, or even sooner, we'll see gold at new all-time highs.' February Comex gold futures settled the day 1.4% lower at $1,173.90 an ounce. On silver (SLV) , Wyckoff says he'd expect sideways to lower trading over the short term. 'Both gold and silver markets are firmly in bearish technical posture.'

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.