GREEK CRISIS CONTINUES

The metals pulled back today on a round of profit taking, with gold trading down $8 and silver down $.19. The profit taking prompted by a stronger dollar, up 26 basis points. Among the factors influencing the metals is the Greek issue where fresh worries have arisen about the financially strapped country, which pressured demand for most other assets. For the moment, investors in Europe in particular are moving out of euros and into dollars and that has boosted the dollar and put a little pressure on the gold market. Nevertheless, gold continues to hold above that $1,150 support level and as long as it does that it is showing exceptional strength. In fact, gold is strong above $1,000 an ounce. Therefore there is a good deal of cushion here providing comfort to those who are long gold.

There are meetings now going on in Greece with the Euro Zone finance ministers. They are trying to devise a plan to address the Greek debt issues. They will also have to decide how to handle the problems that exist in Portugal, Spain and Italy. Some are beginning to worry that the European union may come apart. George Soros indicated that the euro might be doomed. You may recall that I suggested this a couple of weeks ago. Now economists at Morgan Stanley believe that while the rescue package removes some short-term liquidity risks "long-term solvency risks remain firmly in place". "More broadly, and more worryingly, recent developments significantly raised the (long-term) risk of a euro breakup, in our view." The bottom line is that Morgan Stanley concludes that there is now a very real chance of both the euro and the EU falling apart.

In that environment, I think gold is an excellent buying opportunity. Many other analysts believe the same. Just yesterday, Jeffries and Company indicated they think gold will target $1,300 an ounce this year. Given those factors, you may wish to consider acquiring gold or adding gold to your holdings if it should be appropriate. Barclay's Capital for example said today that gold is consolidating and the charts indicate bullish sentiment increasing.

If you would like to learn more about some of the analyst's opinions about these markets, call Goldline at 1-877-341-2646 and ask for the free information package. It contains excellent articles on precious metal forecasts and the economy. It also contains an interview with Philip Klapwijk who is the most successful forecaster in the business. You will hear his views for the market this year. Call Goldline now at 1-877-341-2646.

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