Spot Gold – 25 Percent Decline Ahead
gold nugget specimen
The N.Y. spot gold price dropped $22 this Friday. Some gold traders feel this spot gold price drop could be the start of a possible 25% fall. It may be that gold bugs need to take a deep breath and wait for a better opportunity to buy.
Recently, gold rose against the Euro because investors were selling the Euro and fleeing to the relative safety of gold in reaction to the Greek debt crisis. The fact that it did not rise in dollar terms showed that gold’s rise against the Euro was more of a currency centric event and not a worldwide tide as some traders have suggested.
Some gold traders now feel that spot gold has been range bound since December and is getting ready to head south once again. They say not let market bias cloud your judgment. Gold has done absolutely nothing over the last four months and this could be the start of a large gold price correction.
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It may not be the time for gold just yet. But it does have it’s advantages. Remember gold is always there and always worth something when you’re dollar isn’t. Gold is a great investment.
Crystalline gold leaf