GOLD’S LONG-TERM TREND ‘VERY MUCH INTACT’

by Goldline.com | July 06, 2010

Gold has been selling off on the New York Spot Market as of 11:34 a.m. EST on technically based selling fueled by a lack of fresh, bullish fundamental news. Many analysts, while long-term bulls on the gold market, have been predicting a short-term correction for the metal in recent weeks. Trader and author Daryl Guppy told CNBC Tuesday, “While prices may weaken in the near term, the underlying trend is strong,” shown by the separation in the long term group of moving averages in the Guppy Multiple Moving Average indicator. (CNBC, 7/6/10)

Stocks are rallying Tuesday on the New York Stock Exchange as investors scooped up a variety of shares that were in negative territory after the major indexes declined more than 15% over the last two months. "We're seeing a rally off the strength in European markets today," said David Jones, chief market strategist at IG Markets. "But overall the market is still nervous, and all of last week there were ongoing concerns about how strong the recovery was." (CNN Money, 7/6/10)

The long-term bullish trend in gold remains “very much intact”, according to commodities commentator, Jim Rogers in an article with thestreet.com. "Governments all over the world are debasing money at a rapid rate and that has always led to higher prices for real assets throughout history and it will this time too,” he said. He also expects gold will go much, much higher over the next decade, "I'm judging the world as it goes. I see that actions by governments all over the world are making it worse. So I presume that will continue and gold will go that much higher over the decade." (Mineweb, 7/6/10)

†This material has been prepared for private use. Although the information in this commentary has been obtained from sources believed to be reliable, Goldline does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice.

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