Tuesday, August 4, 2009

Gold Market Points to Consider

1. Pay no attention to the reasons given for gold’s strength. The primary reason for gold’s action is in the US dollar.

2. The idea that the dollar is a safe haven investment is SPIN on a whole new level. Buying interest free non-guaranteed debt of a nation, as is the case with the US dollar that is strangled by growing debt, will provide little safe haven.

3. The US dollar has .7285 as a magnet pulling it down. I rate that influence stronger than the .7600 support level.

4. Gold is going $1224 on its way to $1650. (more)

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