Gold price goes past $1,230, silver is strong
Gold rallied to set new record high $1,236.60 ask price at 2:17 p.m. on Tuesday, May 11, 2010. This came on the heels of concerns that the European Union debt rescue package won’t solve the current economic crisis in the region. Silver closed at $19.35 but was seen at $19.42 as the EU debt worries mounted. On April 8, we wrote in Long term gold price, forecast and chart about large gold purchases by European consumers, including from the countries that just recently were so eager to join the Union, but now are getting cold feet.
We predicted the surge to new highs in the gold market and we think that even higher prices will happen in near future. Gold will likely pause and may consolidate a bit, and then go higher. Those who really believe in silver which price has been apparently kept low by JP Morgan Chase and the likes, are also anticipating large price increases as silver piggybacks on gold market gains. The question is should you buy now? If you are long term and have neither metal in your possession, you may try to start buying. You can wait for a few dips, may even get lucky and catch a significant one, but for the long term, I think it won't matter.
Wed May 12, 2010 12:05AM | Copyright: www.bad-credit-advisor.com | More in Gold Investing | Comments (0)
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