Next Level: GOLD $1,350.00

I expect a short-term correction in gold of as much as 20%. That would bring gold near its 200-day moving average of $970 without violating the trendline.

 

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I think you are correct that this would be about the maximum expected decline. It wouldn't be surprising either if the decline is over by the end of this week and doesn't really get below $1,100. The selling looks speculative. There hasn't been any news of large holders of gold dumping the physical metal. Time will tell.

 

Exactly. It just feels like some entity is manipulating the price of gold perhaps to their benefit whoever they are...

 

I doubt its that diabolical...I think its profit taking on a little bit of 'good' news.

 

Gold closing today in US trading at $1,158.60/oz.

Low $1,137.10
High $1,165.80

 

Dollar rise will be short-lived...as a result so will correction.

With gold being up almost every session in November, a bit of a correction is healthy and normal.

Fundamentals are still in place to drive gold higher, although I believe pace will be much slower than the past several months.

 

Overnight: In Asian trading [Tuesday 12/8] Gold is currently at $1,164.90/oz.

 

New York opening will be interesting..

 

Yeah I think so too. For the last couple weeks I was worried there was competition going on between eastern/western markets that was driving some of the cost up to records. I hope that's not the case and doesn't persist.

 

the big intra-day drop back in Nov 27 started in Asia but corrected by the time the US markets opened

 

I'm not a prophet, so have to wait for the market to tip its hand. Breaks below today's lows ($17.84 and $1,135.85) would signal trouble, but holding on here and trading sideways or advancing above Friday's lows and continuing above Thursday's highs means the Rally Machine has been cranked up again

 

I think the $1,135.85 price is irrelevant.

 

Gold currently at $1,146.30/oz.

 

Gold I believe in you!!! Do not let me down! You can do it!!!

And while you're at it, silver, you can do it too...you are not in the shadows of gold....break out!!! break out!!!

 

Currents:
Gold $1,150.10
silver $17.97
platinum $1,447
palladium $378

 

I actually want to jump on the palladium bandwagon. I don't want to be one of those "I need to wait till it goes down some more before I buy", but at $378, it's about $90 bucks above what it was around September.

I'm hoping it will at the very least get down to the low 300's before I jump in....

 

Yes, that PM has grown remarkably this year.

As of now: Apmex sells the 1 oz. Canadian Maple in Palladium for $411.85/oz. Northwest Territorial Mint is sold out of all fractional Palladium bullion excert for the 1oz. Maples.

Here is Kitco's 1 year chart for Palladium:

 

Yeah what a HUGE increase from this time last year!! I believe the reports of Russia's depletion of Palladium only came out around summer time right? So anyone that jumped in Dec 08 really made out...

It would be pretty sad if Gold, Platinum and Palladium were all well over $1,000 per oz at some point, while silver still can't crack $20!!! :rolling:

 

Not really. We should all be happy that silver is still a bargain. It isn't important for the price to go up NOW. It's better to be able to accumulate more at a reasonable price compared to other metals.

 

You're right. I must practice more patience with silver. Unfortunately I wasn't around to see silver at $10, $14 etc... just got in when it was around $16.50.

I look at those prices as absolute bargains!!!