The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.By Frank Holmes NEW YORK ( U.S. Global Investors) -- Gold's been knocked down lately, but several enduring factors have conditioned the yellow metal for an inevitable comeback. Since the beginning of 2012, gold has trailed its precious metals peers, gaining only about 6 percent compared to double-digit returns for silver and platinum. At the end of February, gold was especially hard hit, following Ben Bernanke's announcement that there would be no additional quantitative easing and the European Central Bank offering additional LTRO loans to banks. With this news, we've witnessed the fairly rare event of bullion falling below its 200-day moving average. In fact, over the past 10 years, there have only been about 30 times (or around 3 times per year) where gold has fallen below its 200-day moving average. And each time, gold has been down for the count for only an average of 10 days. This time around, I believe gold has the resilience to endure, as the long-term drivers remain in place.
real interest rates are still negative for many areas around the world. Historically, negative real interest rates (the inflationary rate is greater than the current interest rate) combined with global stimulative money supply efforts have been an especially powerful combination for gold prices. I believe the yellow metal will go the distance, and with bullion below its long-term average, it makes for a rare and attractive entry point for investors today.