Where is gold going?

It is a question preoccupying a lot of the contrarian investment experts we publish daily at Contrarian Profits.

Earlier today, we published a bearish article on gold by Today’s Financial News editor J. Christoph Amberger. He says oil, copper, gold and other speculative assets that promised unlimited upside are now caught in “an accelerating downward spiral,” as funds liquidate losing positions.

Other investment newsletter writers disagree.

Gold prices bounced back above $800 an ounce yesterday. According to Indian commodities news site Commodity Online, investors bet that jewelers will purchase cheaper supplies of the metal after the dollar consolidated recent gains.

Gold futures for December delivery rose $13.60 to $805.70 an ounce on the Nymex. Silver also traded higher, hitting $13.217 an ounce.

Lee Lowell at The Smart Profits Report reckons the metals are extremely oversold. He expects gold and silver to trend higher if the dollar sells off…

Oil prices may have dropped off their record highs in recent days, but don’t be fooled says Lee Lowell in The Smart Profits Report. The black goo wants to hit the $150 mark. The Iran situation is fragile, and dollar gains are likely to be short term…