Tuesday, December 1, 2009
GOLD $1200 - CHECK, where to next?
in the overnight action Gold came within 50 cents of the $1200 mark before retreating back to the 1192 area, the bank of japan statement about QE certainly made the Asian traders move some money into physical power money pretty quick. the selling pressure was quickly absorbed as $1200 has now been taken out. the question is where to from here and in how long?
there has been much word of china now wanting to increase their Gold reserves to 5000ton or even 10000 Ton, this combined with nearly every other central bank in the world wanting to actually purchase gold is going to consume every ounce of gold being mined.
the road to $5000 will be quicker than most think
all along the way the non-believers will be saying it has peaked.....