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Gold Breaks $1,000 an Ounce; What’s Next …
Yesterday, gold broke the $1,000-an-ounce barrier, after rising from $950 per ounce last week.
It was the precious metal’s fifth run-up to the round number. And now there are many signs indicating that yesterday’s decisive break is of major importance.
Take a look at the following chart …
As you can see, from November 2008 through February 2009, gold rose from around $700 to nearly $1,000.
The ensuing consolidation took six months … and ended last week. This consolidation has the form of a triangle, which typically confirms a trend.
With last week’s strong breakout above the upper boundary of…
9Sep2009 | Money and Markets | 0 comments | ContinuedGold Outlook: Explosion in the Price of Gold Imminent
Six months ago, at the Prosperity Dispatch, we had the opportunity to sit down with John Embry, the chief investment strategist at Sprott Asset Management. He is one of the world’s leading gold experts.
That was March though and not too many investors were interested in buying anything. But Embry said to look past the short-term and focus on the big picture.
At the time, Embry predicted:
I think the major development is going to be ongoing issues of currency debasement. The value of paper money against real tangible assets is going to fall considerably. Right now, we are going through this deflationary scare.…
Central Banks to slow gold sales
Sales of gold by European central banks are likely to be lower than expected over the next year as the global banking crisis boosts bullion’s appeal as a “safe” reserve asset.
And banks elsewhere in the world, most notably in Asia and the Middle East, may even become buyers of gold in an attempt to diversify their reserves away from the U.S. dollar, analysts say.
Under the terms of the Central Bank Gold Agreement, signed in 1999 by key European institutions including Germany’s Bundesbank and the European Central Bank and renewed in 2004, members can sell up to 500 tonnes of gold…
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