So, we are currently at $1860/oz of gold. Any predictions on the price movement from here? I'll go with a brief pullback followed by a move past $2000- it seems like the price has momentum to pass that psychological barrier.
Well, so far you are correct. Just ONE DAY after you posted we saw a $100 drop in the price of gold. You must really have your finger on the pulse! Traders would have been smart to sell that day. In the last two days of trading, we saw the price back on its way up. Past $2000? I would say by the end of next week it could happen and, if I were a trader, I would sell when it does. We will probably see more correction. The price is overextended right now and I think people have started to recognize it. Gold investors, on the other hand, should hang tight through 2012. There will be rise and fall 20 times over in the next year, but the end result will be a much higher gold price than what we see today. My hat is off to the traders trying to surf those waves, but I will be building an arc.
Everyone seems to talk about a correction being overdue but I don't think that's going to happen for a while. It will certainly have some pullbacks but I doubt for more than a week or so before taking out new highs. A brief pullback will almost be a necessity after it hits $2,000. Enough people will take profits just on the collective expectation of a pullback. In short, my prediction is that it has another $1,000 to go before a real pullback that lasts more than a few months.
Nowadays, Gold is increasing continuously in my country! Your all posts will help me to understand this!
This time Gold has been advancing for over 10 years now, from a low of $252 per ounce in 1999 to where it sits today at $1,755, which is a gain of over 595%. With gold at unprecedented levels (previous bull market high was $850/oz) is it any wonder why someone would question starting to acquire gold?
We could easily see $5000 before serious talk of a new gold standard emerges. I'd imagine a gold standard would be something close to $10,000 an ounce.
I think that by the end of 2012 we will see $2,500 gold and that is my very conservative prediction. Maybe even $3,000 but really these predictions are just guesses o time will only tell what price gold will be in the future. As I write it has dropped to $1600 now is a good time to buy more!
