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The simple answer is yes. The key question is… are we going to test $1000 or back below $900? If you look at the daily charts Gold has been inching slowly upwards, the first resistance in $965, then a successful close above $980-$983, will confirm the upside new assault on $1000. I am still sticking to my prediction of Gold at $1250 by the end of the year.
The charts are almost indentical to 2007 before the big breakout, check it out for yourself. A major factor which few are talking about is any breakout above $1000 will cause a massive short squeeze or an even more massive loss for the Big 3 (banks) who are heavily short. Posistions starting as low as $750 -$800. Due to this there exists an even larger potential for Gold to actually go as high as $1500 by year end.
Silver on the other side is going to go to $25 by year end and an even bigger short squeeze potential exists in that market. By the way look for Crude oil to be at or above $100 barrel. The dollar is doomed either way and inflation will have accelerated to the 12%-15% range at about the same time.
I’ll update the stock markets tomorrow and even though I think we still a tiny bit of room to the upside as we finish “the head” of the head and shoulders pattern that has been forming. Keep your stop loss orders tight and as always, Good Investing! – jschulmansr
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============================================================== Why Gold ETFs Are All About Timing --- Seeking Alpha By: Tom Lydon of ETF Trends Investor sentiments change with the seasons and summer proved to be a lackluster season for gold. Nevertheless, a new season may provide gold and related ETFs with the opportunity to shine. A recent dip in gold prices renewed fund manager interest in gold, citing the pullback as a buying opportunity, remarks Dan Well for MoneyNews. Gold abated from its recent high of $992.10 an ounce on June 3, but many investors still believe inflation will kick in sooner or later. Some portfolio managers believe gold may even touch $1,300 as soon as spring. Gold is a popular hedge in inflationary times. In the short term, seasonal changes may be a significant factor in gold’s decline. Historically, gold prices tend to dip during summer because the period lacks big gift-giving holidays. But purchases of gold-related products resume in the fall when the Indian wedding season, Ramadan, Christmas, and the Chinese New Year kick in. Many people don’t know how many ounces a bar of gold actually contains, comments Jim Wang for Bargaineering. In Wang’s search for the answer, he discovered that there’s really no standard when referring to “gold bars.” There is, however, the “400 ounce London Good Delivery.” At $946 an ounce, the price as of Aug. 11, one hefty stick of gold comes to $378,704. Yowza.
- iShares COMEX Gold Trust (IAU): up 7.3% year-to-date
- SPDR Gold Shares (GLD): up 7.4% year-to-date
Nothing in today’s post should be considered as an offer to buy or sell any securities or other investments; it is presented for informational purposes only. As a good investor, consult your Investment Advisor/s, Do Your Due Diligence, Read All Prospectus/s and related information carefully before you make any investing decisions and/or investments. – jschulmansr