In the last century, gold has seen two bull markets. The first bull market began in 1967 and ran all the way through 1981. The second bull market began in 2001 and has not ended yet. In 2001, gold was at a bottom price of $256 per ounce and investors began to buy in on the low prices. Over the next decade, gold grew over 650%. Some predict that the price of gold will continue to run all the way through 2020. In fact, The Gold Eagle predicts that the Secular Bull Gold Forecast will reach $12,600 by 2020. Some believe that this is too extreme, but there are some factors that support this such as the fact that major world Central Banks are buying more gold for their country’s reserves. This, along with various other facts, support the assumption that the price of gold will continue to grow.
At 8:00 A.M. on Tuesday, Pershing Gold Corp (NASDAQ:PGLC) announced that it had discovered new mineralization at Relief Canyon and that they completed their 2015 drilling program. The 2015 Drilling Program ended with around 105,000 feet of drilling. In the end, 177 holes were completed. Here is what CEO Stephen D. Alfers had to say: “We are pleased to report the completion of the 2015 Drilling Program at Relief Canyon. As of November 15 , all five drill rigs have ceased operating on site. We expect these high-grade intercepts, taken together with those previously announced in 2015, to improve overall project economics by continuing to significantly drive down the already low-cost profile for Relief Canyon.” Over the last three months, PGLC has seen lows of $3.265 and a 54% difference with highs of $5.04.