RE: correctionThe Road to $600 Gold
https://www.swissamerica.com/article.php?=SID&art=01-2006/200601301039f.txt
That 3.5% correction gold buyers have been waiting for...
$548 gold... $9.29 silver -- up 10% in Jan... Buy this dip!
"2/3 of traders and analysts advise buying gold"
$2.77 Trillion Budget... Housing softens... "a nervous market"...
"I'm a Great Depression buff..." -Ben Bernanke..."Golden Minute" Expands
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By David Bradshaw, IdeaFactory News
Feb. 7, 2006
Gold prices closed down $19.50 on Tuesday, a 3.5% correction to $550/oz, giving back part of the 10% price rise in January. Crude oil fell to the lowest level for the year and a lack of fresh impetus prompted investors to lock in profits, dealers said. Silver closed down $.38 to $9.34/oz.
Still most analysts see the weakness as only a temporary setback in the metal's climb to $600. Gold traded near its highest level in 25 years on Monday as tensions over Iran's nuclear ambitions lifted oil prices.
"It finally looks like we're in for a little bit of profit taking and a necessary retracement," said Dale Doelling, chief market technician at Trends In Commodities.
Iran, the world's fourth-largest producer, said it would pursue nuclear research, defying the United Nations. Analysts don't expect sanctions because nobody wants oil at $100, so this situation may loom over the markets for the rest of the year.
Twenty of 29 traders, investors and analysts surveyed from Sydney to Chicago on Feb. 2-3 by Bloomberg advised buying gold. Credit Agricole Cheuvreux raised its mid-cycle gold price estimate from $750/oz to $900/oz, suggesting the possibility gold could climb to $2,000 an ounce and higher in a January 30th sector report from the Parisian international security broker. Mineweb.com story
TheStreet.com reported Monday, "James Turk, founder of GoldMoney.com, believes that gold might test $850 per ounce before the end of March ... Several analysts, including Brien Lundin, gold analyst at Jefferson Financial, and editor of Gold Newsletter and Peter Grandich, editor of The Grandich Letter, believe that gold will likely try to test the $600 before an expected correction occurs."
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https://www.swissamerica.com/article.php?=SID&art=01-2006/200601301039f.txt