Friday, June 28, 2013
Is gold heading to $1043, $600 or even $425?
Ignore the conclusions of this article, draw a line from 1970 to the bottom in the year 2000, and you get a projected bottom for gold of $600. Alternatively, the line from the 1975 and 2000 bottoms show a target of circa $450. If Armstrong's target for Sterling devaluation is right, we could see Â£575 gold in Sterling. For breakout, we have resistance from the 1980 and 2011 high, up above $1800. Even with these targets holding, the multi decade bull market in gold remains intact, but the gold bulls have not warned people that the gold bull may not co-incide with your personal plans, i.e. need for a home, need to raise a family, set up a business, etc. Gold is going to infinity, like Ron Paul says, but maybe not within your practical timescales.