Re: All is relative
Dex
3/19/2012 8:51:21 AM
That may be, but there is no concensus. UBS just downgraded its one-month gold target to $1,550/oz from $1,775 and its three-month forecast to $1,600/oz from $1,950/oz, largely because of an improving outlook for the US economy. In a research note today, strategist Edel Tully noted, "We see gold now in a challenging environment. The broad market view of the global economy, particularly the US, is now more accepting of a sustainable recovery and reduced cyclical risks. This is acutely reflected in rising US Treasury yields."
Brian Hicks, portfolio manager at U.S. Global Investors in San Antonio, just said pretty much the same thing. He said he expects gold to get back to $2,000 an ounce during a talk about the outlook for crude oil and gold on Bloomberg Television's "On the Move Asia" yesterday.
Re: All is relative
cat tail
3/19/2012 12:10:10 AM
If I recall correctly, the annual survey by the London Bullion Market Association projected gold would reach a new high this year, topping out at more than $2,000.
All is relative
AskAsa
3/18/2012 12:44:55 AM
We're still well off the lows of $1,521 per oz seen in December last year. So it may be down, but it hardly seems to be a crisis.
Re: Still Hight
impactnow
3/16/2012 1:20:42 PM
I agree it's the time to buy the market variables have not changed and gold will rebound many fold.
Maybe time to buy
tokyogai
3/16/2012 8:34:16 AM
This is the pullback I was looking for. I think we are right near an optimum time to buy.
You have me convinced too Scott, Weather the decline, then it'll rebound and surpass the previous high.
Scott,
you make a good point, and like i said you have been pretty on target over the past year here in IU. I think I am going to take your advice and get my feet wet with gold and set a conservative stop-loss. thanks for the advice.
@TF
I have been doing this a long time. I have made mistakes. But one thing I have learned is if there is a great trend, get on board, do the analysis and if it supports the trend stick with it, they tend to carry on a lot longer than people think.
Apple is another great example of that.
If you are gunshy about gold the way to get in is to wait buy it after a vicious selloff (like we just had), and then set a conservative stop-loss so that your loss is capped.
My stop-loss is at $1,590 and I see upside to to $2,500 or higher. That's about a 1-to-10 risk/reward. I like that trade.
Scott,
given what you have pointed out here, i could see it, but I am always so gun shy gold.
To be honest, your gold reporting has been pretty much right on target, but for some reason I keep thinking gold is going to reverse course any time, though I have not been right yet, but you have LOL.
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