Spot Gold Price Jumps
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Spot gold was up this morning by over $14 per once. The gold price was driven by a combination of Greece-driven debt worries, earthquake news out of Chile, and reports that North Korea may have hit and sunk a South Korean naval ship with a torpedo.
“We had an oversold condition and when the Korea news hit the desks, gold took off,” said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago.
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I think gold is going up and I’m looking for a good, hard, downturn to go double dog long. I think oil might lead the way. This imposter of a bail out plan is going to be dis-robed by good old oil and gold.
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I know that gold is selling off because hedge funds and others are clearing out their positions to lock in profits and offset losses. And I know that many think cash is king right now, and that means selling gold. But I do NOT know how to calculate how high gold will go if say for example the price of corn drops 50%.
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