Gold Price Weaken as Central Banks Rush to Print Money? I Smell Opportunity
From Profit Confidential January 7, 2013 - 12:27pm
The last couple of weeks of 2012 and the start of 2013 may not have been the best for gold investors, but I don’t mind. For the past 10 years, whenever I see gold prices retreat, I look at the situation as an opportunity for buying more gold-related investments. This investing methodology has served me well.
In the past week, gold prices witnessed extensive decline; they traded as high as $1,695 an ounce on January 2, but sold off on January 4 to a low of $1,626. Why all this chaos and huge swings in gold prices?
In the Federal Open Market Committee (FOMC) meeting minutes that were just released, some members expressed concern about quantitative easing (QE) and discussed ending it sometime in 2013. (Source: Federal Reserve, January 3, 2012.) In response to the released FOMC minutes, some investors panicked and sold their gold positions. The original plan was to continue printing until ...
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