Excellent assessment of general market in a nut shell.From a poster at Gold Eagle.
Things definately will turn up .(hopefully sooner than later)
DelMartian
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I'm afraid that I'm not Ment, but I've not posted much for quite a while and figured that it's about time I made a re-appearance, if only briefly.
I've been bullion-only since several years ago. I'm still holding tight, with no plans to sell.
There's a fairly good chance that gold will start to make a bottom here, at $775.
But if $775 fails, we might see $700.
The $US is bumping right up against resistance at 80.
Remember that 80 was the old support line that ran for decades - the 1970's, 1980's and 1990's and it only failed as a support exactly one year ago. We may be seeing a "goodbye kiss", as the $US says "goodbye" to the lofty heights at 80 and enters a more serious downward-spiral.
Gold may well be acting as the reciprocal of the $US and once the dollar turns, gold ought to turn too.
But I have been adamant that gold's behaviour is not completely a slave to the $. In fact, as I'm a British investor, I'm well aware of the collapsing £, which means that £gold is about 20-25% higher than a year ago, despite the recent "strong dollar".
As mentioned in someone's earlier post, dropping precious metal prices have brought out considerable demand for physical. I'm also considering buying more bullion in coming weeks - probably silver, since I'm rather underweight silver, relative to gold.
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