ROB MCEWEN SAYS GOLD TO REACH $2,000 THIS YEAR

Gold started the day lower testing $1,108 on the nearby futures contract, in reaction to a 23 point rally in the dollar. However, the metals rebounded on bargain buying with gold rallying back to $1,118 and silver coming back to $17.17 on the nearby contracts. Oil is also down $.62 at $81.23 a barrel. The Dow is up 14 points.

Analysts tell the Dow Jones Wire Service that what has been happening for the past few days has been some profit-taking in combination with some technical selling as support levels have given way. However, it is not a change of the overall trend. He said, "I don't think it's a bear market at all." What we are seeing is a correction within the context of a major long-term bull market and that usually is a situation, which you want to buy the dips. John Embry said he thinks gold will rise 30% this year.

The fundamentals for the dollar are negative over the longer term. The enormous build-up of debt and ongoing deficits in the U.S. are simply the kind of situation that is negative for any currency, including the dollar. Moreover, there are renewed fears about the European debt situation. The Greek Finance Minister is in the U.S. speaking with officials here in an effort to obtain some relief from the pressure that is being put on their sovereign debt from hedge funds and Wall Street bankers utilizing naked credit default swaps. This is speculation at the highest order and can have adverse consequences for government debt.

Another factor that may have influenced gold early in the day is that a Chinese official indicated that China will be prudent in buying gold to diversify its foreign reserves. He stated the obvious that there are some factors that limit their ability to increase their holdings in gold. Among those factors would be the impact that their enormous reserves would have on the market. They obviously don't want to drive the market ahead of their purchases. That is one of the reasons they have been aggressive buyers of domestically produced gold. It is also a factor that may suggest that the rumors that the Chinese government is negotiating with the IMF to buy the remainder of its gold could be true. That would be a prudent way for them to acquire gold without influencing or affecting the markets to any great degree. The statements sound like George Soros when he was buying billions of dollars worth of gold.

At the bottom line, the fact of the matter is gold remains extremely bullish and presents a great buying opportunity at the current levels. Goldcorp founder Rob McEwen is standing by his forecast that gold will reach $2,000 this year. He should know. Those who would like to accumulate gold at these levels may wish to utilize Goldline's Price Guarantee Program. This program provides some protection in the short term against price corrections. Call Goldline at 1-877-341-2646 and ask for the details. Francis Bray, the technical analyst for Dow Jones Wire Service, said, "The wider picture still belongs to the upside." He said that support lies at $1,109. Certainly gold held that support level this morning. To receive the free information package, which explains some of the many reasons why gold is bullish and what precious metals in general can do for investors, call Goldline at 1-877-341-2646. It contains an excellent interview with Philip Klapwijk who is one of the world's most prominent market forecasters and analysts. In addition you will receive articles with comments from analysts at BofA, Merrill Lynch, Goldman Sachs, and many others. Call Goldline now for the free information package at 1-877-341-2646.

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