The Gold Shakeout is Here, and it is Severe
Apr 2nd, 2008 | By Brian Hunt | Category: Gold Market Of all the commodity bulls receiving the refresher course we talked about yesterday, those who favor gold are getting “refreshed” the hardest… Gold fell 4% yesterday to reach $880 an ounce.
We expected this type of move last month when we began receiving e-mails and calls from family saying they “saw something on the news about gold,” followed with, “Should I buy some?” Our answer: “Yes… but only if you plan on holding for years.” As we’ve often pointed out in DailyWealth, the long-term argument for owning gold – as a safe-haven asset and wealth diversifier – is as good as ever… but given gold’s stupendous rise from late ‘07 to early ‘08, the metal is long overdue for the healthy correction it is experiencing now. It is a correction that could go much further – and not bother us bulls a bit.
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