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 in 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.
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 gold investment 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.
Charts
