Gold Slaps 200-day Moving Average In the Face! Now’s THE Time to Buy Some More

Edited for posting by: munKNEE.com

If you’ve been waiting for a time to add to, or to initiate, a precious metals position, this is exactly what you’ve been waiting for. [Let me explain why that is the case.] Words: 299; Charts: 1

So says Kevin McElroy, Resource Prospector newsletter editor (www.wyattresearch.com), in edited excerpts from his most recent mailing.* (Original post)

 This article is presented compliments of www.FinancialArticleSummariesToday.com (A site for sore eyes and inquisitive minds) and www.munKNEE.com (Your Key to Making Money!) andmay have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Please note that this paragraph must be included in any article re-posting to avoid copyright infringement.

McElroy goes on to say, in part:

The current selloff has everything to do with the rising dollar which is largely a function of a falling Euro so, if you’re asking yourself if you should also be selling, you should think about the people who are selling right now. It is European investors and institutions who are dumping everything – even including gold and silver stocks - in order to raise cash to keep their heads above the rising flood of debt and insolvency. With Europeans selling out of fear and pain, you should be buying.

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I know it feels risky and a little scary to be a buyer now but the right time to buy never feels right. It always feels uncomfortable and strange so if you’re not convinced take a look at the five year gold chart below with a simple 200 day moving average. [Gold closed on December 21st at $1,657.40 below its 200 day moving average of $1,662.81.]

Waiting for gold to move below its 200 day moving average (DMA) has been one of the most profitable ways to average in to gold and [and we are now there]…so, if you’re like me, and you’re a commodity bull, you should be licking your chops over this price action.

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*http://www.wyattresearch.com/expert/author/8

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