Don’t Lose Confidence in Gold – the Best Bet
That $1800 an oz gold price reached at the back end of last year now seems a long way off. By the end of 2011 we were looking at around $1500 an oz. Talk about a waterfall moment but gold shrugged that off and climbed back to within a whisker of $1800 an oz in only three months.
Gold buffs breathed a collective sigh of relief, all was well with the metal’s stellar bull run. But that impetus did not last. Over the course of the next five months the price drifted back down towards that $1500 an oz level. Then our hopes soared yet again as the price came within striking distance of that magic $1800. So three times in a year that level has been attacked and beaten back. Now we must see whether the current price circa $1700 will hold before the next wave up or whether the pull back will drop again to the $1500 level.
Gold the Best Bet
As long term bullion and ETF holders it is simply curiosity and not fear that we contemplate the next six months price action. We firmly believe that gold is the by far the best bet in the markets today, even if you buy at today’s’ price it will be left far behind over the next six to twelve months. Don’t lose confidence, a look at the five year chart tells us that we are still in a long term gold bull market, while every new so called initiative to prime the economy only results in further devaluation of the dollar.
Gold Buyers Switching to Bullion
To add insult to injury the dollars demise is being helped along by the active and increasing use of gold to facilitate trade within the Bric block and the middle east. The Indian gold buying season is upon us and with a strengthening of the rupee reports are coming in that the market there is regaining volume. China remains a steady importer over and above its status as the worlds largest producer. And now savvy investors are switching out of gold ETFs into the physical metal, including coin.
Follow the Trend
Our objective now is to attempt to analyse the shorter term gold charts to find the right time to add to our holdings but if we get it wrong and miss the bottom we won’t lose any sleep. This bull run has along way to go so follow the trend, don’t worry about the inevitable ups and downs of the
price, don’t lose confidence, gold still has a very long way to go!
2012-11-06 17:20:21
Source: http://www.preciousmetalinvestment.com/weekly-review/gold-dont-lose-confidence/
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