STANDARD BANK SEES $1,100 GOLD BY YEAR END

The dollar is rallying again, up 20 basis points at 76.12 and naturally the metals and once again the dollar is up and all other markets are down. However, gold and silver seem to be holding yesterday's gains reasonably well. After huge gains like we saw, a modest correction is nothing to be concerned about. Moreover, gold is holding well above $1,040, which is another constructive signal. The equity market is lower with the Dow down 62 points. Once again, after a 200-point up day, a 60-point down day is nothing to be concerned about. Oil is down $.50 at $79.33 a barrel.

Carl Johansson told Dow Jones Wire Service, "Gold could continue to be well supported given the euro/dollar pair has retraced little of Thursday's gains." Dow Jones Wire Service also quoted an analyst who said, "That the U.S. economy is becoming addicted to the stimulus bottle, is a clear and present danger." Dow Jones Wire Service further stated, "Gold is used by investors for different reasons, such as being an inflation hedge, dollar hedge, and fear and instability hedge. Right now, traders say it is the dollar that is influencing them most and that gold trades inversely with the currency because it is seen as an alternative to paper money."

Standard Bank's analyst Walter DeWet said to the Dow Jones Wire Service, "While uncertainty about the banks actions might incur selling, we would buy such dips." He forecast gold to hit $1,100 an ounce before the year-end." These forecasts are consistent with those of Barclay's Bank. Barclay's thinks that gold will hit $1,100 by the end of November. Many analysts see $1,200 to $1,500 next year. As a consequence of these forecasts, gold appears to be an excellent buying opportunity and that would similarly apply for silver. Barclay's has been advising their clients to "buy the dip." Therefore, at these levels gold looks attractive.

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