Long term gold price, forecast and chart
I admit, I have been feeling quite good for the last few days. Gold is just under $1,153 and other metals are also strong. Apparently, a huge buying of physical gold is going in Europe where folks are really getting the point that long term gold forecast is much brighter than that of the Euro currency. As the result, the Euro priced gold rose to a record, close to € 865 an ounce. While it is nice to know that Old World is finally thinking long term, the gold price chart I borrowed from the article penned by Howard S. Katz, who publishes One-handed Economist newsletter and whose commentaries are among the most deep, thoughtful and accurate you find on Kitco, clearly demonstrates the long term gold price. And the forecast is consequently quite bullish.
Gold Price Chart from 2001 to 2010
Before we proceed further, you must understand and acknowledge several things,
First, US Dollar has been up in the last several days, yet gold price has gone up by some $30 to 40 dollars
Second, we all know that while past performance does not guarantee future gains, it does give you a pretty clear idea of what may happen next
Third, and I Iike this one the most - charts don't lie
Fourth, you may think that Mr. Katz is a quintessential gold bug, but he is simply a Harvard educated mathematician from the old days when Harward degree in mathematics really meant a lot, who got interested in economics long ago and unlike many, knows what he is talking about. He was bullish on other things than gold in different times. You can visit him here.
Now we can go back to the main topic, which is long term gold price forecast. The chart above has few straight lines that Howard Katz put himself to demonstrate the solid uptrend and also show the buying points, which occur whenever gold price is near the bottom of the channel represented by ABC line. Yes, charts don't lie. With that we can look at more charts.
US Dollar Index Future is right now 81.54, and below are the 6-month charts for US Dollar and gold spot price. As you can see, the dollar has risen sharply, while gold price, contrary to many expectations and forecasts of going as sharply down, simply has traded in a well established range, creating new support levels and can be ready for that big move at any time. Thus, my long term gold price forecast remains quite strong.
Thu Apr 8, 2010 11:04AM | Copyright: www.bad-credit-advisor.com | More in Gold Investing | Comments (0)
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