Posted on 09/26/2010 4:25:40 PM PDT by SeekAndFind
As gold hovers just below the $1,300 mark it broke last week, consensus expects the metal keep rising in the coming week.
The bull is back:
Bloomberg:
Sixteen of 23 traders, investors and analysts surveyed by Bloomberg, or 70 percent, said the metal will rise next week. Six forecast lower prices and one was neutral. Gold for December delivery was up 1.3 percent for this week at $1,293.60 an ounce at 11 a.m. yesterday on the Comex in New York. Futures climbed to a record $1,298 on Sept. 22.
...
The weekly gold survey that started six years ago has forecast prices accurately in 189 of 329 weeks, or 57 percent of the time
(Excerpt) Read more at businessinsider.com ...
Sorry, can’t even remember their name.
I’ll look in the paper tomorrow and if I see an ad I’ll post a link to their site here.
Off track but how`s silver doing?
Silver hit $21.50 last week, a 30 year high. It’s doing very well, thanks!
Silver is already approaching $21/oz. Its surge the past week is just as fast as gold.
It’s easy to see how gold’s performance could be overshadowing the impressive gains also being posted by silver. But ignoring silver today in favor of gold could wind up costing you dearly.
I’m not saying to ignore gold. That would be crazy in light of the probable debasement of the U.S. dollar, which should keep gold surging to new all-time highs.
But you need to consider investments in silver because of the leverage the white metal has on gold.
It’s important to remember that – in the long run – the performance of silver depends upon the performance of gold. Silver gains typically lag those of gold, but they can also strongly surpass them. And in a drawn-out bull market, a significant portion of gains will be made near the end of the run. So if you’re serious about adding silver to your portfolio, make patience your friend.
Silver has yet to set any new all-time highs, but at roughly $21 an ounce, it’s already just broken its 2008 bull-to-date high of $20.79. When it hit that level in 2008, gold was setting a price record, breaking the psychological barrier of $1,000/ounce for the first time ever.
And having just breached the $21-level recently, momentum traders are likely to drive new silver buying.
But silver’s a funny animal, especially since it has both industrial and monetary attributes. Plus, much of the silver produced today is a byproduct of the production of such base metals as zinc and lead. So its supply isn’t always a function of demand. A lot of the silver supply is used up by industry, so the price of silver can often track the broader markets.
That’s why its price action of late is so intriguing – and revealing.
Cool.
Thankyou both for the excellent info. I’ll pass it on to David. He really needs help. :)
Got any good sources?
I wrote a guide to buying gold and silver and it’s posted on my home page. I’m not a shill for a coin company, so it’s a legit write-up of my experiences. You may find it helpful. Several others who are experienced in buying gold and silver have told me that it’s accurate from their experiences as well.
RE: Got any good sources?
Not sure what you mean by sources.... if you’re referring to where to buy gold and silver, let me tell you what I personally own...
I don’t own physical gold or silver. I own Exchange Traded Funds that track the price of gold and silver.
I own the iShares gold and silver ETF ( Symbol for Gold is GLD and the symbol for Silver is SLV ). The amount I own in USD, when traded for physical gold for instance, will be SEVERAL POUNDS.
Some people have critiqued my choice because they tell me that when the S__T hits the fan, those iShares will be useless compared to physical gold.
Of course, I am betting that the S__T won’t hit the fan in this country.... but again I might be wrong.
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