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Gold roller coaster seems to go on and on without an end. But what we have seen this week was more of a bungee jumping.
The financial markets have begun 2013 in remarkably similar fashion to how they began 2010, 2011 and 2012.
Governments have refused to accept the necessity of a period of economic re-adjustment following the credit-bubble. The bubble burst about five years ago and economic progress has been effectively suspended ever since. The consequences of this refusal to accept reality are at a minimum to make this adjustment unnecessarily drawn out and needlessly painful, … Continue reading “The Final Countdown”
Despite current weakness in gold (GLD) around the $1650 area we expect a turnaround in gold with a new leg up to $1800 area and eventual breakout at $2000 in 2013.
This morning gold is at a three-week high, and may possibly make its first weekly gain for four weeks, by the end of the day.
SPOT MARKET gold bullion prices traded around $1765 an ounce Tuesday morning in London, 1.8% off last Friday’s seven-month high.
We recall with some nostalgia that it was last year on September 6, that gold hit an all-time high of $1,923.
GDX declined by -1.36% while GDXJ declined by -1.28% and SIL declined by -0.52% Today’s performing Gold and Silver Stocks: Today’s Worst Gold and Silver Stocks:
Many metaphors have been used for gold but never to our knowledge has the price of gold been compared to the non-barking dog. (This refers to the Sherlock Holmes story, Silver Blaze and the “curious incident of the dog in the night-time.” Holmes infers that the dog made no noise because the villain was someone the dog knew very well.)