We didn't quite make it to 2k, but last month I predicted that we would see a correction at or near 2k, and we got pretty close before people started to sell. Again, I'll reiterate my sentiments from a month ago. Anyone who wanted to make a quick buck, did so. A lot of investors had been using gold as a hedge bet and just rode the swell until they made enough of the money back from their losses everywhere else. Today we gained $40+ and we are almost $200+ over six months ago. I'm going to go out on a limb and say we will be back @ or near 2k in three months . . . three months? Sound optimistic? It isn't. I'm actually saying that because I'm really pessimistic about stocks and I think many will see the lower gold prices as an opportunity to get into gold. When we were at $1900 the prospect wasn't as appealing, but now I think many who have been waiting for a drop saw their opportunity and, when the investors want a hedge bet next time, they'll probably be paying more than what they sold.
judgea, I think the minute the Euro rolls over and dies, that the gold prices will shoot through the roof in less than a week. At that point, the world economies will be on the brink of collapse and people will be screaming 'Uncle'. I only wish I had more money to invest in gold and silver right now.
Gold is showing strength at $1600 level, this is important mark to watch out, if it breaks this and stays lower then $1600 there is a chance of bearish sign in gold price. It has already bounced back for the first time after breaking $1600 mark
