Boom! Gold and the US Stock Market Lift Off!
And there you have it, just one day after Jim Rogers calls for gold to sell off….BOOM!
Gold rockets up $33 to close at just over $1751/ounce. Did the bargain hunter buyers miss the bottom? Maybe, but this market is so choppy anyone looking to buy is likely to get at least one more chance before gold resumes it’s rise.
Trading Range
As gold broke through what many traders consider a resistance level at $1750, we would need to see gold hold this level on it’s way back to $1800 and beyond. If gold can break through and hold the $1800 (after 2 previous failed attempts in the last month) then we are back on track towards the ever elusive $2000 mark.
Europe Debt Crisis
Right now the big unknown continues to be Europe and how they work the debt crisis out. Unless the EU can continue to 
show that they are making progress working through the current debt situation, gold is more likely to drop back down to the near term support level of $1650 – $1700 that we’ve seen for the last two months.
Pivot Point
Tomorrow will likely be a pivot point, sending gold up towards the $1800 range or pushing it back down to $1700 and below. This market has been very painful over the last few months and investors are still looking for profits where ever they can find them.
Let’s see what tomorrow brings… hold on.
Jim Rogers Looking for a Correction in Gold
Jim Rogers, long time commodity investor and advocate of owning gold told CNBC today that he believes the current pull-back in the price of gold will continue. Mr. Rogers is holding out for gold to break at least the $1600 / ounce level before buying any more of the glittery metal. While he’s not ready to sell yet, he said an even sharper pull-back to the $1200 / ounce level would make him “extremely excited” !
Gold is up currently to $1716/ ounce – it has been trading fairly consistently near the $1700 level for the last week or so as the financial markets continue to try and sort out the various mixed messages coming from the EU (European Union) debt crisis meetings.
China & India Gold’s Largest Consumers
As China and India remain large consumers of gold many believe that the overall upward trend of the last 11 years remains firmly in place with some experts calling for gold to retest the $2000/ ounce level within the next 12 months.
Jim Rogers lives in Singapore with his wife and two children. He partnered with George Soros in the early 1970’s to build and grow the Quantum Fund. He is currently occupied with his latest fund started in February 2011, The Rogers Global Resource Equity Index fund. To learn more about Jim Rogers and his outlook on gold and the economy check out his website at www.jimrogers.com
Striking it rich in California’s Gold Country
When the gold rush started at Sutter’s Mill, California in 1848 over 300,000 came to seek their fortune. Unfortunately, most left empty handed. Perhaps the most ironic thing about the California gold rush was that someone like Samuel Brannan who’s business was to sell tools and supplies to the miners, became one of the wealthiest men in all of California!
160 years later the allure of finding gold in California is alive and well, especially with gold prices approaching $2000/ ounce. So how can you find your own claim and retire wealthy? Well like most stories there’s good news and bad…read on!
Gold drops below $1700/oz – Time to buy?
Gold is trading right aroun
d $1678/oz as of today’s post, down from a multi-year high of $1923 in early September but off of the recent near-term lows of $1600. If you’ve been waiting for a dip to grab some more gold – now could be the right time to buy.
Inflation Increases Gold’s Value
If the Federal Reserve continues to print Dollars as the economy begins to recover, inflation pressures will continue to increase – these are all good signs for those holding gold. Based on trends over the last few years, it’s not hard to see gold rising to $2000 and even as high as $2500.
U.S. Gold Eagles
U.S. Gold Eagles remain an easy and convenient way to buy, hold and sell gold. The 1 ounce coins are small enough that even holding $50,000 worth will easily fit into a small storage box or desk drawer. The U.S. Eagle remains desirable to gold bugs, investors as well as anyone looking to diversify their asset holdings because of the ease of buying, selling and/or trading the coins. While most U.S. Banks won’t transact with you in Gold Eagles they are easily marketable at pawn shops, coin dealers as well as many large and small auction houses throughout the country.
