Despite the ongoing correction in gold prices, expert Shih Wen-Hsin boldly suggests considering entry points below $1918. The allure of gold as a hedge and a store of value remains strong, especially as prices have risen this year due to pandemic impacts.

Shih, who has been investing in gold for 45 years, started holding gold at $280 per ounce and watched prices rise to over $1000 and even surpass $2000. He indicated that he anticipated an uptick in gold prices for this year as early as the second quarter of last year, citing the cyclical nature of gold prices with a 10-year trend and noting that 2019 marked the tail end of a ten-year consolidation period.

At the beginning of this year, gold prices were around $1517; however, due to spiking demand for safe-haven assets amid the pandemic, prices soared to $2057 per ounce in early August, setting new records.

Shih pointed out that returning below $1918 reflects a previous peak from ten years ago, and he maintains a long-term bullish outlook, although there will inevitably be consolidation phases. Therefore, he suggests entering positions below this previous high for potential profits, with the timing at the investor's discretion.

He also remarked that even Warren Buffett, typically not a gold investor, has changed course, as his company, Berkshire Hathaway, bought shares of Barrick Gold during the second quarter, amassing nearly 21 million shares. Shih emphasized that he prefers investing in physical gold and gold futures.

In increasingly unstable economic times, gold is regarded as the best hedge. He recalled operating gold futures during the 2008 financial crisis, realizing a 30% profit. This year, he is trading more frequently but with additional caution, noting his target is to close positions with profits of $30 to $40 as he trades within the range of $1552 to $2050, achieving an average return rate of 40%.

Shih Wen-Hsin's Investment Profile:
Birth Year: 1960
Current Position: Chairman of Jin Jia Jia Jewelry, Vice Chairman of Taipei Precious Metals Association
Experience: Started as an apprentice goldsmith at age 14 and completed training in just over three years. Investment Philosophy: Focuses on short-term trading of gold futures using three indicators for market trends while holding physical gold for the long term, ideally more than three years for profit.