Gold appears to be making a top and might be heading to $600, maybe $500ish, Silver, How about $7.5 etc?
But long term, after the dust settles, be prepared for $5000/$500 Gold/Silver.
Archive for Gold/Silver
Rhodium
$10000+ back in March. How about now?
| 10/15/2008 | 10:32 | 2,410.00 | 2510.00 | -750.00 | -23.73% |
| 10/16/2008 | 10:21 | 1,810.00 | 1910.00 | -600.00 | -24.90% |
| 10/17/2008 | 09:51 | 1,610.00 | 1710.00 | -200.00 | -11.05% |
Any Lesson can be learned from this? Betcha.
Silver Will Not Spike To $50
Ok, so Silver will not Spike to $50. In fact today it just crashed from $15 to $12, a big 20% drop in just 12 hours of time frame. And here is why it will not spike to $50:
http://www.themoneyblogs.com/CT/my.blog/silver-will-not-spike-to-50.html
Because it will roar past $300, yes, $300. After all, $300 is just about the M3 adjusted price of $50 in 1980.
History shows otherwise
Smart investors and asset managers will seek refuge in the only truly global and debt-free currency: Gold. Investors are gradually waking up to the fact that all currencies are backed only by the issuing government’s ability to tax its own citizens – and by unsubstantiated confidence that they won’t fail. History shows otherwise.
http://www.minyanville.com/articles/gold-metals-silver-currency/index/a/18493
Monthly Gold from 1970s
Rest assured that the bull market is intact (www.jsmineset.com):6440_charts_for_8-11-2008_log_chart_of_gold_monthly
Pickup @ low of this correction and the next wave is yours to ride!
The C Wave in the making
First look back at history, Gold 1967-1973
1972-1979, pay attention to the 45% pull back from 1975-1976 (18 month), after soaring from $35 to $200 in about 5 years (compare with current move of $250 to $1000)
After that we all know what happened, gold soared to $850 from there.
So are we expecting a pull back to the $700 area before it challenges $2500?
