It could be you're asking the wrong question since gold is climbing today. In fact going up an additional $12+ since closing in NY. Wouldn't it be nice if our guesses were wrong?
Depending on who you ask, gold costs about $1,100 an ounce to produce. I think it's currently within a "buy" range and it's hovering about as low as it's going to go.
19 votes so far. London sets Spot. It's not possibly "the wrong question" because all possibilities are included in the voting options. WHEN, what month(s) the lows tend to appear : fwiw in the last 20 annuals of sideways/down markets, Gold hit lows November-February in 10 years; in 6/7 years, lows were hit June-Sept (double lows counted): May-July, 5 times in the past decade. It's statistically reasonable to look for a Summer Low.
If I get lucky it'll completely crash and hit silver prices and I'll be able to quickly snatch up some gold rounds!
Better prices in June? I suppose 'uncertainty' (Greece, Eurozone crises) could be bullish for Gold however. See 40 Year Chart, 1973-2013. Please note if 2015 March lows (USD$ 1150-1147.25, -2.22% decline) turn out to be the annual Low, that would also be consistent with this chart.
I'll guess somewhere above $1,100. Would like to see sub $1,000 though, but, never know what the Fed will hint at (rate hikes or more QE?).