Gold is going to $1800/oz by the year end
We saw yet again today gold and silver future selling right before US market open when Asian and European traders are busying dumping euro for safe haven --- gold. Gold was up $10 then 30 minutes after US start trading, it went down $6.
The fundamentals for gold has never been better :
China keep buying gold. Their are importing as much as their production.
News: Options for Comex gold and silver and Nymex platinum all hit open-interest records Wednesday, CME Group reports. For platinum, a fresh options open-interest record of 16,247 contracts surpassed the previous record of 15,047 contracts from Monday. A new silver options open interest record of 251,918 contracts topped the previous record of 249,795 contracts from Tuesday. A new gold options open interest record of 1,186,809 contracts surpassed the previous record of 1,182,169 contracts from Nov. 19. Open interest refers to the number of positions open at the end of the business day.
Paper shorts will meet physical delivery
Either US may default their payment, T-bonds will fall, interest will rise, economy will suffer in US/Europe : Gold is the safe haven
Or QE3 is coming by the end of the year
Based on today's action and continuous buying from China and soon gold will hit new high in term of euro, I'm confident that $1480 was the bottom and I'm looking for a next gold stop to be higher then $1600, then when US raise debt limit or default, we could see $1800 or even higher ...