Well, there were technicians who said only to buy gold if it could show some moxie clearing
resistance at $1620 oz., and they have been right so far. Bigger players such as Soros, Paulson
and Pimco Commodities are all reportedly thumbs up on the trade. It is all "on the come" ahead
of anticipated fresh QE by the Fed and perhaps a turn by the ECB as well. The recent sharp
run up is ahead of the Bernanke and Draghi speeches at the Jackson Hole, WY Fed confab
late next week. Gold Price Chart:
You are on your own on this one.
- Peter Richardson
- Retired chief investment officer and former NYSE firm partner with 50 plus years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!