Gold investors might not see a sustained rally for a long time as the metal is far from being out of the woods and may potentially retest lows of $1,050 an ounce, according to John LaForge, head of real asset strategy for Wells Fargo (WFC) .

"On a secular basis, commodities go through periods of 20-year bear markets on average - we get stuck in the year-to-year but the history of commodity super cycles is we still have some time to work off supply - in the case of gold, you are looking at lots of supply," said LaForge, listing one of the fundamental reasons the price may remain under pressure.

LaForge does not subscribe to the theory of peak gold and says that any rallies the metal saw this year were short-lived occurrences.

"What happens in these longer-term secular bear markets is you do get multiple rallies. If you look at the '80s and '90s, gold was stuck in a range roughly between $250-$400 an ounce. That's the bear market; it bounces back and forth," he said in an interview.

This expert analysis on gold brought to you by www.kitco.com

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

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