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Archives for October 2012

Brief Thoughts on Gold: One Step Back . . .

Gold’s failure last week to sustain gains over $1790 an ounce triggered profit-taking by frustrated longs and technically inspired selling by institutional traders and speculators in “paper gold” derivative markets, so much so that the yellow metal briefly traded under $1730 on Monday. As gold tumbled in recent days, short-term market psychology has, not surprisingly, turned increasingly gloomy – suggesting gold could possibly go lower before staging an inevitable recovery and renewed assault at the $1800 level. Nevertheless, we believe gold will move significantly higher by year-end or ...

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