The David Lin Report · Friday, July 31, 2026
Florian Gomez describes the recent correction in gold prices as healthy, stating that the market had become "extremely overbought." He believes the long-term outlook for gold remains solid due to geopolitical tensions and economic uncertainty, and he anticipates a potential bottom between $1600-$1700, followed by a rally.
“The market had become extremely overbought, euphoric wherever you go. Went, um, and all the Johnny come lately kind of guys moved into that sector. And it's totally normal that they have this cascade of sell offs, pushing more sell orders, triggering more sell orders, triggering more stop orders and suddenly an overwhelming amount of sell orders pressure on that market that had been going up for a long time is running out of buyers.”
“And then that's why you see these waterfalls of selling and and prices dropping hard. And that's the explanation for that.”
“I think that the overall picture is still quite solid for gold. As I mentioned, the the four-year cycle is still intact. We have seen the bear markets in gold and in silver and in miners have been quite punishing, but they have also been very necessary. And I think that we're now in a stage where the market is trying to find a bottom, and we're seeing some positive signs, like for example, the price action in gold and silver itself, where we're seeing some resilience, some buying interest coming back.”
“So I'm looking for a potential bottom here, maybe somewhere between $1,600 and $1,700. And then I would expect a rally to perhaps $2,000 and then maybe further up to $2,400 in the long term.”