GOLD UP $14.50

Gold is up $14.50 this morning as it has developed momentum of its own. Gold is up aggressively even though the dollar is up 12 basis points and oil is down $.45. Silver is also up, but not nearly as much as gold having gained $.13 in early trading. Analysts are now looking at the $1,215 an ounce level for gold. A break above that would likely carry gold to $1,300 fairly quickly. Some analysts think gold may reach $1,300 this year, including the prominent Scotia Mocatta Bank.

Dow Jones Wire Service quoted James Moore saying, "The yellow metal looks set to make further headway as the metal is swept along by increasing systemic risk appetite, longer term inflation concerns and diversification from the dollar, with $1,250 the next likely target." Barrick Gold announced yesterday that it had closed out all of its gold hedges well in advance of its September 2010 deadline. The average price for closing out the hedges was $1,070 an ounce. Dow Jones Wire Service quoted Moore saying, "Barrick's announcement yesterday is an indication of producers confidence in gold prices going forward and potentially could trigger further sharp price gains in the short-term, speeding up the pace of closeouts amongst those with remaining hedge commitments."

Afshin Nabavi told Dow Jones Wire Service, "There is no major selling around. For me, $1,200 should be a good base. On the upside we should reach $1,250 an ounce." Dow Jones Wire Service said Nabavi added that any dips would likely be bought as a lot of people are on the sidelines and trying to get in. The Dow Jones Wire Service technical analyst Francis Bray said that $1,227.60 provides the next upside targets for gold and $1,245 to $1,250 cannot be ruled out. Apparently, from the analyst comments and technical reviews, the market is likely to head considerably higher over the near-term. Dow Jones Wire Service quoted several other analysts also looking for $1,250 an ounce near-term.

If you look at the fundamentals of wildly exploding money supply on a global basis, geopolitical risk, massive government deficits both in the U.S. and in other countries, all of these factors suggest that gold should move considerably higher. Analysts are also saying that this isn't just a dollar story. Gold also breached the 800-euro level for the first time this morning.

Given these factors and the forecasts by BofA/Merrill Lynch that gold could head above $1,500 in the next 18 months, along with David Rosenberg's comments that gold could move above $2,600 along with other commentators' observations that they expect to see gold well above that level, gold appears to continue to be an excellent buying opportunity.

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