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An interesting day for gold thus far
Wednesday, September 02, 2009
Twice this year, the yellow metal has tried to break through the $1,000 an ounce level - in February and then again in May - and here comes what looks to be another attempt.
Don't be surprised if it is again turned back. Then again, the third time is often the charm...
4 comments:
I would guess that it goes above 1000 this time. I just don't know what the real reason is. I would not buy gold unless it drops to mid 800s.
As it is turned back, how would you explain it? Is it simply market forces at play, or is there an invisible hand (as in central banks) at work? What would $1,500 gold mean for the dollar, if anything? The argument against gold has usually been that it does not pay interest. But you can say the same for short-term Treasuries.
Some of the things that make me go "hmmm". Gold skyrockets and oil is down on the day? Dollar falls slightly, but gold flies. I think that gold fails at $1000 again.
I think this is the start of a huge move.
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