GOLD STEADY TO HIGHER

by Joe Battaglia | October 21, 2009

Gold reached up to the $1,060.60 level on the December contract, but could not penetrate that resistance and pulled back slightly. Shortly after the open, gold is trading down $3.50 and silver is down a nickel. Oil is down $.29 at $78.80 a barrel and the dollar is down 18 basis points at 75.39. The dollar is weak against the euro, trading above 150 to the euro, which is the lowest level since August of last year. The Dow and other equities are in higher territory.

Gold had been lower overnight, but recovered most of its initial losses as the dollar hit near its lowest level of the day. As the dollar fell, Sterling Smith told Dow Jones Wire Service that the declining dollar is prompting some buying in gold. There has been a considerable amount of profit-taking and gold remains in a high-level consolidation pattern. Gold seems to be developing a new trading range between $1,050 and $1,075. In the view of a number of analysts, that is positive and represents the kind of necessary correction and consolidation that a market needs after posting solid gains.

Patrick Donnelly of Peak Trading Group said, "We might be seeing a little technical selling." Standard Bank said they continue to buy the dips, as they are bargain hunting in the gold market. In a report to Bloomberg yesterday, Standard Chartered Bank said, "Gold will average $1,200 an ounce in the third quarter of next year."

James Moore of the Bullion Desk said to Dow Jones Wire Service today, "Gold is likely to trade $1,040 - $1,065/oz near term, but with equity and commodity markets on the rise, gold looks set to break last Wednesday's record high of $1,070.50 near term." Based on that analysis acquiring gold at these levels particularly with the benefit of Goldline's Price Guarantee Program would appear to be a solid move. Call Goldline today at 1-877-341-2646 for assistance getting started or adding gold to your holdings.

Investors who would like to get into the metals market at these levels could take advantage of Goldline's Price Guarantee Program, which provides a two-week window of opportunity to re-price your transaction in the event of a correction. This is a tool that many investors chose to take advantage of. To learn more about the Price Guarantee Program, call Goldline at 1-877-341-2646. You should also ask Goldline for the free information package, which will provide you with excellent information on the reasons why gold is making a substantial upward move and provide you with forecasts from major banks and brokerage firms that you will find helpful. If you specifically ask for it, you can have a free copy of the GFMS 2009 Gold Survey Update. This book sells for $450, but you can get it for free by asking for it.

If you would like to take advantage of the Price Guarantee Program, which provides you with a two-week window of opportunity in which to re-price your order in the event of a correction, you must select assets with some collectible value such as 20 Francs, Double Eagles and Silver Dollars. Call Goldline at 1-877-341-2646 for further information on the Price Guarantee Program.

To receive the free information package on gold investing, call Goldline at 1-877-341-2646. You will also receive the Client Account Agreement, a company brochure and a Coin Facts Risk Disclosure Booklet. Read these carefully before you make a purchase. Call Goldline at 1-877-341-2646 now to receive your free gold information package.

†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.

You should review Goldine's Account Agreement along with our risk disclosure booklet, Coin Facts for Investors and Collectors to Consider ®, prior to making your purchase. Goldline has a spread or price difference between our selling price, called the "ask", and our buy-back price, called the "bid". That spread varies depending on coin or bar you acquire. Spreads on 1 oz bullion coins, 90% silver dimes and quarters, and one ounce and larger bullion bars are 13%. All other coins have a spread of 28%. There is also a 1% liquidation fee when you sell your coins back to Goldline. The market must go up enough to overcome this spread before an actual profit is achieved. Precious metals and rare coins can increase or decrease in value. Past performance does not guarantee future results. Coins are a long-term, three- to five-year, preferably five- to ten-year investment. We believe precious metals are suitable for 5% to 20% of the average investment portfolio though others may recommend a different percentage.

To receive free information package on gold and precious metals investing, call Goldline at 1-877-376-2643.

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