Gold's New Address.... 1500 Market Street

MoneyLA

As I write this gold is trading above $1505 an ounce, and its in the new $1500 an ounce neighborhood... which is a nice neighborhood.

So what happens now? Well, there is absolutely no indication that gold is anywhere near a top because there is no evidence of a slowing in he upward trend.

But that doesnt rule out the possibility that we are approaching a blow off top... when the market rises too much and too quickly to sustain itself, exhausting the buying.

On the other hand, the new neighborhood of 1500 will attract new buyers.

I would like to see at this point a slower, more sustained increase than a rocket-like rally. A slower, more sustained increase in prices will last longer.

curly

I believe gold is getting out of the range of a lot of folks but that doesn't mean the collapse of gold is imminent. Since gold has risen so fast, a correction right about now would be a good thing to test the new bottom.

AnkurJ

I think silver has shot up way to quick. Gold took it's sweet time to reach $1500. With the way the dollar is dropping and oil rising, I expect a 10% correction in both at most. Then again, I sold a bunch of silver at $30/oz thinking it topped out, so what do I know?