Gold passes $600

dots Posted on April 11, 2006 , filed under Stocks | Print This Post

Gold briefly passed $600 today before dropping back down. The metal is currently trading at $594. I believe gold is due for a round of profit taking since the ride to $600 from mid $500′s was quite smooth. Gold passing $600 is the next key psychological price since gold passed $500. I believe we are in the third phase of a bull run and we will see gold post even stronger gains as the metal peaks the interest of individual speculative investors who will purchase the metal as an alternative currency investment. AUY, Yamana Gold, Inc. has dropped from its high of $11.64 set yesterday April, 10th, 2006 and is currently trading at $10.73. If AUY drops to under $10 this week I may purchase some shares in the company. My current buy price for the next 1-3 months remains unchanged at low $9′s.


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