Gold is trading
down $2 and silver is down $.10. That
is in reaction to a slightly firmer dollar, at 76.12 on the index. Oil is down $.58 at $71.17 a barrel, also
reflecting concerns about what the performance of the dollar will be later in
the day. The dollar may react to the
Federal Reserve's statement that will be released at 11:15 am pacific time. It is widely expected they will leave
interest rates unchanged, but may tinker somewhat with the language of their
statement. A slight correction is a
helpful thing in today's market. Gold
is in a consolidation phase, attempting to consolidate the recent gains between
$1,000 and $1,020.
Dow Jones Wire
Service reported: "Ongoing U.S. dollar weakness may be sufficient to take gold
to new highs, says HSBC analyst James Steele.
Says a feature of the gold rally is persistent U.S. dollar weakness,
accompanied by occasional questioning about the U.S. dollar's status as the
world's reserve currency. Adds G20
initiatives could weigh on the U.S. dollar, and in doing so, further boost
gold." These bullish comments from an
analyst at one of the major banks are certainly important to the market. Other analysts have consistently said investors should be buying
the dips. Today's correction perhaps
provides such a dip buying opportunity.
The Dow Jones Wire
Service further reported: "Further U.S. dollar weakness could be the impetus to
push gold above last week's high of $1,024/oz and then a challenge of last
year's all time high of $1,022.35/oz, said James Moore of the Bullion
Desk." Mitsubishi analyst Tom Kendall
said: "It's a dollar weakness story but also broader concerns about the U.S.
politically and economically that are driving gold higher." He further said: "It wouldn't be surprising"
if gold tests its record high in the next ten days.
Given these
forecasts investors may wish to take advantage of the dip as a buying
opportunity. To do so, call Goldline at
1-877-341-2646. If you would like to
receive the free gold investor package call Goldline. If you would like to have a free copy of a recent interview I did
with Peter Grandich, you must specifically ask for it by calling Goldline at 1-877-341-2646.
Investors should
ask Goldline to explain the features, benefits and cost structure of the
various gold and silver investments that are available to you. Select those that best meet your own
personal and individual investing needs and objectives. Investors looking for low transaction costs
may wish to consider bullion assets such as American Eagles,
Krugerrands, Canadian Maple Leafs, Silver Bags or Silver Bars. However, the Price Guarantee Program is not
available with these assets.
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 an
investment. Call Goldline at
1-877-341-2646 now to receive your free information package.
You should carefully read Goldline's Account and Storage Agreement and our risk disclosure
booklet, Coin Facts for Investors and Collectors to Consider. These provide important
information that you should consider before investing in precious metals. Goldline's spread,
which is the difference between the price we sell our products and the price we buy them back,
generally ranges between 5% to 20% on our most common bullion products and 30% to 35% on all
other products including our popular semi-numismatic coins such as the European francs, proof
coins and graded coins. The market must go up enough to overcome this spread before an actual
profit is achieved. All markets go up and down. 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 portfolio though others may
recommend a different percentage. Please see Goldline's risk disclosure materials for additional
information.
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