Spot Gold Hits $1,000 & Than Pulls Back
Arizona gold nuggets
As I write this, the spot gold price is around $993 after being over $1,000 at the market open.
But, even with the pull-back, I think gold’s next move to close at over US$1000. That sets up a climb to US$1,325. It has crossed above the downtrend line from last June. It is set up to run, so get out of the way.
Add fuel to the fire. Gold has plainly broken out upside in Euros. In Yen it has not yet broken out, but has turned up strongly and is close to breaking out. Indicators have turned up. Point is, this metals rally has not been sparked by a falling dollar, but hints to be a rally against all fiat currencies.
“Gold’s rising price is due to uncertainty all the way from personal investors right through to institutions,” Sandra Close, an analyst for gold research group Surbiton Associates, told CNNMoney.com.
Unless the US dollar blindsides gold with a rally, you are probably watching the last days of gold below US$1,000 — forever.
It will be golds time 3-5 yrs from now but not just now…we have to see real estate and the stock mkts enter a true bull mkt again before gold skyrockets as the only we break the deflationary cycle is by hyperinflating our way out it which Im pretty sure we will.
California Gold Nuggets
Gold is the one currency that you can’t print too much of and can’t devalue with a formal statement, so people will always tend towards buying gold when money is suspect. Money is suspect now, and while gold has dropped recently – because of dollar buying – longer term, and I mean from now (fundamentally and technically {according to my reading of the charts}), gold is starting an uptrend. I took my profit on short gold today and now I’m long, through ETF, get ready for super inflation and be strongly prepared to have your standard of living not only reduced but maybe cut in half.
Crystalline gold
It appears that even in a deflationary environment gold is able to hold above the $600.00 mark. When our economy does rebound, gold has a good foundation in which to build off of on it’s way to higher highs.
Diamonds
So I’m confused! Is the price of gold going UP or DOWN?! If gold can’t go through the roof during a ‘global fiat currency’ freakout, or credit crunch, debt bubble burst, whatever, then when? My sense is that the deflation demon will finally take out gold (‘goes up on an escalator and comes down in an elevator’!)
Silver coins