GOLD BREAKS OUT

Gold is up again, breaking decisively above $1,100 an ounce. This is a clear breakout to the upside and opens the door to significantly higher levels. Gold is trading up $7, while the U.S. dollar is down 12 basis points. Oil is up $.66 and the Dow is up 50 points. Surprisingly, the silver market is quiet, trading up only $.04 in early trading. Analysts say the action of the precious metals over the past week is a short covering bounce, with overhead resistance at $1,130 in April gold. A break above that level would provide the bulls with fresh upside near term technical momentum.

The euro system's reserves of gold and gold receivables increased by one million euros last week. It is interesting to note that central banks around the world continue to accumulate gold, where in the past they had been liquidating it. HSBC Bank analyst James Steele told the Dow Jones Wire Service that gold prices may continue to power higher. He also told them that there are indicators that gold is being driven higher for reasons independent of currency fluctuations and that augers well for higher prices. He pointed out that physical demand for gold outside of the U.S. has picked up and is a factor in the recent gold rally.

Since we have a large number of analysts who think gold will rise into the $1,200 to $1,400 range by year-end, gold is an excellent buying opportunity at these bargain levels. Barclay's Capital analyst told the Dow Jones Wire Service that yesterday's strong close above $1,104 confirms a near-term base and a turn higher. The odds now favor the higher end of the $1,070 to $1,127 trading range. He now looks for continued upside in the sessions ahead.

Contact Goldline at 1-877-341-2646. You should ask for the free information package, which contains excellent articles and information from the top analysts and strategists at the major banks and brokerage firms along with a free American Advisor Newsletter, a $25 value. You will also receive a free CD of the interview with Philip Klapwijk, which provides excellent information on the precious metals markets. Klapwijk won the award for the most accurate forecast for precious metal prices last year. He has been among the top analysts for many years. Call now to receive the free CD at 1-877-341-2646.

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