Use access key #2 to skip to page content.

inthemoneystock (< 20)

Gold Tumbles Again: Where Is It Going?

Recs

2

February 11, 2013 – Comments (4) | RELATED TICKERS: RGLD

Gold collapsed again today, falling $17.70 to $1649.20 into the lunch hour. The safe haven commodity has dropped quite a bit in the last six months and based on the charts, will go lower. The SPDR Gold Trust (ETF) (NYSEARCA:GLD) is trading at $159.53, -2.04 (-1.26%). The 52 week high reached in early October was $174.07.

The GLD will head lower this year, testing the 2012 lows of $149.00. The reasoning behind this has multiple sides. First, the technical charts are broken. Just looking at the daily GLD chart would make you shudder. Ugly does not even begin to describe it. In addition, between commercials on TV and radio and the multi year pumps from the media and analysts, the retail investor has bought gold, hook, line and sinker. These investors need to be flushed out before it becomes a good buy again. Prior to its next big dramatic move up, gold may actually see 1200 per ounce.

Let's look at Royal Gold, Inc USA (NASDAQ:RGLD). It is trading at $71.42 -1.38 (-1.90%). The stock shows further downside until $58.00. Once there, a significant bounce should come into play.

Gareth Soloway
InTheMoneyStocks

4 Comments – Post Your Own

#1) On February 11, 2013 at 1:28 PM, whereaminow (22.35) wrote:

Prior to its next big dramatic move up, gold may actually see 1200 per ounce.

C'mon. Try to be serious.

David in Liberty

Report this comment
#2) On February 11, 2013 at 11:22 PM, awallejr (83.91) wrote:

Really?  With all the currency war that is going on.

Report this comment
#3) On February 12, 2013 at 8:51 AM, outoffocus (22.89) wrote:

$1200 would be awesome!

Report this comment
#4) On February 12, 2013 at 10:11 AM, ryanalexanderson (< 20) wrote:

Good luck flushing out the China and Russia central banks. 

Report this comment

Featured Broker Partners


Advertisement