Gold And Silver Down Again
Posted on: Mar 2nd, 2009 | Doug Casey | Filed under Financial News
Gold trended slightly higher in Hong Kong and hit its intraday high above $960 in London then hit its intraday low below $930 at noon in New York before leveling off slightly, finishing at $939.60/oz., down $5.90. For the week, gold is down 5.25%.
Platinum, the only precious metal in the black over the past few days, tacked on $20 yesterday, ending at $1072.00/oz. For the week, platinum is down a mere 0.28%.
Silver followed a similar path to gold but showed less volatility, closing at $13.11/oz., down 1 penny. For the week, silver is down an eye-popping 9.02%. (Click here for charts)
So, gold is down again… if you’re an investor you should be fired up. Trying to call the daily or weekly fluctuations is impossible and dangerous. All that matters is gold will go way up from where it is now… probably in the short-term, but certainly in the medium- and long-term. And the team at Casey Research is not the only group that knows this.
Here’s a quote from the well-known Peter Spina: “This is not a bubble [in gold]. The only bubble that is ongoing is the fantasy land that all is okay. Gold is undergoing a healthy pullback, backfilling after rising from $750 to $1,000 over the past couple months. The $900 area exhibits excellent support and a continued influx of investment capital will continue to support the market. $1,000 was a strong technical barrier and it was played by many trader-technicians. I believe that we will be building a firm support in the $900 area from where gold can then make another assault on the $1,000 area. It is my belief that gold is heading for $1,200 and higher in the coming months. Record investment inflows will overwhelm this market and send it significantly high as the economic, financial and soon to be monetary crisis unfolds further.”
Rock on Peter…
Source: Gold And Silver Down Again
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.