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<p>[QUOTE=&quot;Yankee, post: 704499, member: 18618&quot;]<a href="http://moneynews.newsmax.com/streettalk/gold/2009/09/15/260278.html" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://moneynews.newsmax.com/streettalk/gold/2009/09/15/260278.html" rel="nofollow">http://moneynews.newsmax.com/streettalk/gold/2009/09/15/260278.html</a>Tuesday, September 15, 2009 11:28 AM</p><p><br /></p><p><b>By:</b> Dan Weil Article Font Size <img src="http://moneynews.newsmax.com/images/layout/minus.jpg" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /> <img src="http://moneynews.newsmax.com/images/layout/plus.jpg" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /></p><p>One of London’s leading gold experts has urged his clients to dump their gold and silver holdings. </p><p><br /></p><p>John Reade, an analyst at UBS, told investors to erase all their positions until the latest upward price surge ends, Ambrose Evans-Pritchard writes in the London Telegraph. Last week, gold ran up to $1,011 an ounce, not far from 2008’s record high of $1,030. </p><p><br /></p><p>Gold has climbed amid the dollar’s drop to a one-year low. </p><p><br /></p><p>Reade says futures contracts on New York&#039;s Comex exchange are flashing warning signals. The Comex experienced a surge of 6.4 million ounces in net long contracts last week. Such jumps in the past have on average presaged a 5 percent drop in gold prices over the next month. </p><p><br /></p><p>&quot;We recommend that nimble investors take profits on any long gold and silver positions, looking to re-enter after a correction,&quot; Reade says. </p><p><br /></p><p>He sees gold slipping to $950 over the next month and then resuming its rally next year. </p><p><br /></p><p>The last time Comex long contracts approached last week’s levels was in February 2008, when gold hit its record high and then crashed. </p><p><br /></p><p>Others also see a pause for gold before its next rally. </p><p><br /></p><p>Kaname Gokon of Okato Shoji told Reuters, “Gold looks like it will stay strong, as there is a general preference for the precious metal. But in order to gain further momentum, we first have to deal with a heavy pile of long U.S. futures positions.&quot;[/QUOTE]</p><p><br /></p>

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