I am not a goldbug, but seem to remember Armstrong saying gold could go down to around $700/oz. at one point.  He posted some charts showing the channel down.  He was one of the only ones saying that gold would stay low for awhile, whereas people like Peter Schiff and others were touting gold $2000, $3000, $5000, etc.   I think gold stayed in a range between $1050 and $1200 for a few years.  I follow silver closely and he has been very good on silver and saved me from buying when it was at $30 and it dropped down to $14. 

Everything is interconnected.  I would bet that a lot of the demand for gold is/was from China and other countries where their currencies are rapidly deteriorating.  Armstrong's channel and prediction was likely based on rising interest rates and historical patterns.  The fate of the Euro for sure had something to do with it.  The govt. can come out tomorrow and fess up to it's fiscal mess and raise interest rates substantially (which is historically what they have done in the end), and gold will drop like a stone.  He put out a gold report and if anyone has it I'd be interested to learn what it says.  I never, ever, ever take one persons view as gospel on something.  Life experience has taught me that.

Of course I am supposed to be Martin Armstrong himself so I should know all this.

Bottom line is that gold did not drop below $1,000 -- yet.  Some are saying it will go to $100,000/oz. and some are saying it will drop to $250/oz.  You decide.  It's in this news this cycle - but as history shows, looses favor for long periods.  War, EMP, Coronavirus, etc..  anything can happen to the price of any commodity or business.