Gold hits a new 24 1/2 year high

Posted on December 9, 2005 , filed under Stocks | Print This Post

February gold delivery briefly touched above $534 this morning, a new nearly quarter century high. I’ve written extensively in the past about gold breaking $500 and the psychological effect it would have on the public. I believe that we are in the beginning of the third phase of a bull run and that the road to solidly entering the third phase will be a bumpy one. Investors taking profits along the way will likely cause minor pullbacks in the price of gold. As long as we can maintain above $500 prices for another 3-6 months, there should be enough momentum and interest by the general public to create a buying frenzy. I am thinking of buying shares in IAG, IAMGold Corporation, GG, Goldcorp, Inc., and AUY, Yamana Gold, Inc. as a hedge against a weak dollar and declining market.

I use a great website, Kitco, to track the daily price of gold and gold related news.

I believe a strategy of going in and out of non-gold related stocks and conversely in and out of gold related stocks will produce strong returns in 2006. Greed and speculation appear to be in gold’s favor at the moment.

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4 Comments »

Comment by Eric S.

2005-12-13 17:11:53

Many economists expect higher inflation ahead, which traditionally is bullish for hard assets. Personally I’m looking into oil, gas and gold. Here’s something I enjoyed reading recently on mining stocks

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