Wednesday, November 7, 2007
Gold heading for $3000 by 2012
"Gold has surged $180 an ounce since mid-August. The last time it moved in this fashion, in May 2006, it gave up almost all the gains in a matter of weeks. The concern is that buyers for the jewellery industry will hold back until the price falls, while European central banks are likely to take advantage of the spike to offload bullion."
When gold corrects sharply, this is the time to add to positions. This upleg is going into spring of 2008 before a major consolidation phase.