GOLD situation
I received this question from my reader :
Hello Richard, I received your news letter today in which you mentioned a bearish flag on a chart
for a gold ETF.I am new to self directed investments and im not sure if you give opinions on investments or just stock trading strategy advice.But I would like to ask you for your opinion on gold and silver investments for the short and long term.Thanks for your time and your news letter.
Here is my reply :
“..from my point of view gold and silver were in hand of hard speculators in last months. There was little bubble created in price as both went up too much too quickly I think. And so I expect further correction of price of gold and silver. But this is short term view for next couple weeks maybe months.
I cannot say anything regarding long term gold investment as it has a lot to do with US dollar weakness and strength. Right now I see much more possibility for further decline in gold price then for new rise. But it is current situation and it can change. Enclosed is weekly chart of Gold futures.
….”
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