Gold nearing $500

Posted on November 18, 2005 , filed under Stocks | Print This Post

Gold is on its well on its way to $500. Gold is currently trading at $484. I wrote an earlier article on September 24th, 2005 called Gold to $500? I discussed the effects of gold at $500 and what to watch out for once gold crosses the psychological benchmark. Here is a link to my complete gold watchlist with long term price targets and strategy. I continue to believe that the question of whether gold will break $500 is not if, but when. An important note to my strategy for gold is not to enact any short strategies until technical and institutional buying has slowed down and speculative buyers have come out in full force. I would wait until gold has taken a major jump over $500 for at least 6 months-1 year before shorting. If a bird flu pandemic materializes, I would advise to do the exact opposite and instead build a sizeable gold position.

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