Spot Gold Price Ready for Pullback?
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The spot gold price is usually weak in October, tending to back off from the gains made in previous months. Sometimes it just moves sideways during early November before surging strongly throughout the second half of November and all the way on through December. If this seasonal factor is ‘in the groove,’ so to speak, this year, then we may very well see a bit of a pullback in gold for the next 4-5 weeks.
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If things get really bad, as in a depression, that is deflationary not inflationary. Nothing the market does surprises me, but a big bull market in gold is a real long shot in my opinion.
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Don’t worry about gold or silver, or even platinum and palladium. They will thrive when the economy stops thrashing around so much in its death throes.
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objectively speaking, gold is a poor investment if your outlook is very short…but longer term, gold is gauaranteed to rise sharply…just have patience…I sold my GLD at 900+ and I wont buy back until it gets below 600.00…when the mkts rally in a few wks from now after finding the bottom, gold will rise again with the other commodities but after a few month bear mkt rally, gold and oil/commidities will once again start the decline as we continue the deflationary cycle…but when the true money supply finally increases(ie-when banks stop hoarding it when they feel fiscally safe again) which should occur 2-3 yrs from now, we will have hyperinflation from all the trillions that our govt poured into the system and is being finally released…at that point I will be buying physical gold as a investment and as a currency…5 yrs from now I bet gas is 10.00 and a loaf of bread will be 5.00…oil should see 200.00 and gold 2000.00.
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