Why Gold Is a One-Way Bet
Oct 15th, 2008 | By Andrew Gordon | Category: FeaturedAndrew Gordon says major investors are being forced to liquidate assets to raise cash meet margin calls.
Andrew Gordon says major investors are being forced to liquidate assets to raise cash meet margin calls.
Gold prices closed up $70 yesterday - the biggest one-day spike since 1980. This marked a sharp reversal from a two-month correction that shaved over 25% off the price of the precious metal.
David Galland says profit taking by institutional investors has ‘trampled’ metal prices. But the deepening crisis on Wall Street, geopolitical tensions and a traditional September bounce could send gold soaring back towards $1,000 an ounce. David says this could “happen literally almost overnight.”
Here’s a no-brainer long-term investment strategy to stick to: buy and hold resources now.