It takes an active imagination to find a trend on that chart. But since you're only guessing about a less than 2% movement in the price, there's a good chance you'll be "correct." LOL
Oh that's my fault... I decided to sell off some of gold on eBay recently, so naturally the spot price dropped.
I'm going way out on the proverbially limb with a new I'm going way out on the proverbially limb with a new prediction, (said I'd never do it again, oh well) - 4Th quarter 2009 Gold will be $690.00 and silver will be $7.70 and who in the blankety blank blank knows what platinum might be. Remember you heard it on Coin Talk first, maybe?
Feel free to remind me. I'll even tell you where I'll be: At a coin show, buying as much silver as I can afford.
That ould be a silver/gold ration of about 90 to 1. If gold sinks to $660.00 tells me the economy would be recovering and the silver/gold ratio will be heading back towards 50 to 1.
I would love to see even $750 gold. If it dips that low and I can find physical coins for sale. I'm a buyer all day long.
I'm looking for under $900 to pick up a spouse coin from the mint. They lower the price at that point.
That is why I used the term "a little" downward. If you did not spot that downward trend in that chart you may want to look again.
You were correct..a big reason gold & silver have headed down is because the stock market has had a good run in March and the first part of April. Less fear in the market does not help gold..if enough people have faith in paper investments..why buy the hard stuff. Also India, a big buyer of gold imported net zero for the month due to the high price. The downward trend for gold however is likely tempoary. Even if the market continues its upward momentum, continuing weakness in the dollar and the possibillty of inflation down the road will see gold making another run at $1000. Long term forecasts predict $1200 for gold by 1st quarter 2010 & $14.00/oz for silver. This is a big spread (ratio) between the price of gold and silver, but as yet, there is not a big demand for silver, unlike gold as a currency reserve. Part of the cost of buying precious metals is storage and gold takes up less space. Like the chart, the path to a higher gold price will not be straight up but will zig and zag.
I think we have a couple more months of down. Check the charts for past years to see why.(Maybe not counting 08)
That's entirely possible...but history has a way of not repeating itself. However, most forecasts don't think gold will go below $800. Longer term, the trend will likely be up but there will be troughs along the way.
If gold hits $1200 that soon I will flip (in a bad way). I want to keep collecting and that will definitely be a major impediment. For now I see breaking the $900 mark in such a strong way as an indication of downward momentum.
