Bulls sleeping? Not interested? Bears Waking?
Okay folks. Yes, looking at the spot price of gold right now shows that we slid some more today in the market. As I type it’s $1,369.70. Which, given the spot price 24hours ago is a drop of $3.50. However the price was taken down quite a bit in the early morning through the strong support level of $1,365 near $1,350. The climb back was actually quite a bit more sudden then the take down. That tells me that there are some serious buyers out there still looking for opportunity to get in or strengthen their holdings in the yellow metal.
If you’re worried about this decline at all than chances are, you haven’t been following gold for too long. I frankly haven’t found this decline all that unsettling or unusual. In fact, I’ve seen bigger attempts to take it out.
What’s going on? A lot of things, those trying to manipulate the market, keep the dollar in control, breather, shaking out of nervous-nellies not ready for bull riding. Take your pick. Or take them all. It’s not unusual.
Will gold continue it’s climb? In my opinion, yes. The stuff coming out of our gov and the govs around the world continues to bolster my thoughts on it.
Here are some news items I gathered today.
Lear Capital: Inflation Measures Indicate Gold Is Still Cheap as Dirt <– It has a ways to go to catch up with inflation.
Germany asks China to reconsider rare earth restrictions <– Please, sir, can we have some more?
Hourly Action In Gold From Trader Dan <– for understanding of the moves today.
Speaking of Laura, read her blog post: Don’t Worry about Gold and Silver’s Recent Price Correction
Bernanke warns jobless rate will not ease to normal levels for 4 or 5 years <– excuse me? Is that good?
China gold output seen at new record 340 tonnes <– think they’ll let us have some?
AngloGold and De Beers to spend $40 million on undersea gold hunt <– could be they see that as an investment 😉 Sounds fascinating.
Is Your Bank on the “100 Safest” List? Maybe You Should Find Out <– give gov money to anyone and it typically goes south. Hey, it’s free money after all, right?