Here’s a weekly chart of gold. You can see that not only did it break out to the upside, but volume is increasing. Therefore, any calling of a top is premature. We’ll know the near-term top when we see it in the rear-view mirror.
You know (if you’ve been reading me for any length of time) that my intermediate-term target is $1,300. Originally, that was for all of next year, but considering the move we’ve seen recently, I’m moving that up to the first half of 2010.
My longer-term target on gold is $1,650. It will be a bumpy ride — buy the pullbacks.
Meanwhile, silver (SLV: 17.05 +0.31 +1.85%) has been underperforming gold (GLD: 110.04 +1.68 +1.55%) in the last couple days. That’s not what I was expecting. Stay tuned.
More on this topic
(What's this?)
7 Reasons Gold Will Surpass $2,500 - And Inflation Isn’t One of Them
(Money Morning, 10/21/09)
We Called Gold’s Tumble… Here’s How to Play the Precious Metal’s Next Move
(Investment U, 12/8/09)
Inching Closer to the Gold Explosion
(Gold Versus Paper, 3/13/10)
Investing in gold or platinum
(Emerging Index, 11/10/09)
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Everybody is lying. There is nothing but debt. The cities are broke, the states are broke, the federal government is broke. Pay is being lowered, services are being taken away, so how can predict anything except the world will become a third world country.
The ultra-ultra rich will own everything by military might.