Gold at $13,000 an Ounce? Okay, How About $6,440?

From Profit Confidential
January 10, 2013 - 11:53am

In the past few weeks, there has been an influx of negative news about gold prices. News headlines vary, but, at the end of the day, it seems they all are against the yellow metal. The London Bullion Market Association’s poll undertaken in late 2012 went as far as saying, “bull market in gold is over” under the theory that, as the U.S. economy recovers, investors will move towards different asset classes. (Source: Bloomberg, January 7, 2012.) But haven’t gold prices been trending up for the last 12 years? While the mainstream has been busy focusing on the gold prices declining, something interesting has happened on the gold chart. On January 4, when gold prices fell to as low as $1,626 an ounce, buyers rushed in and gold closed above $1,658. This is important, because it shows that there are investors who are willing to buy at that price level—possible short-term support. At th...

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