“THE SPOT PRICE of physical gold bullion touched an 8-session high early in London on Wednesday, turning lower from $927.50 an ounce as world stock markets slipped following Wall Street’s shock 5% slump overnight.
Treasury-bond prices rose despite a record $21 billion auction of new 10-year notes due today, while crude oil slipped below $38 per barrel.
The Bank of England said in its latest quarterly Inflation Report that the
Business confidence across the 16-nation Eurozone worsened for the 18-month running in Dec. according to the Ifo Institute in Munich, falling to the survey’s lowest reading since it began in 1993.
“We have to be cautious on gold short term,” says Phil Smith in his latest technical chart analysis for Reuters India.
“The near term signals are still bullish but are looking like they may turn. Overall still a bullish chart, but with near-term downside risk.”
Comment:
GSax has been saying gold will be up above $1000 in 3 months. Considering that it’s around 900 plus and that over spring it often moves up, they didn’t need Nostradamus to come up with that. Not when they have their guys stashed in every corner of government.
Some people might still think a 15% upside is a good deal. But I think buying on the dips is a better idea. I’m still of the school of thought that the price may have to go way back…maybe even below 700…. before it resumes the next bull leg.
But that’s just my no-account opinion.