Gramps,
Here's an article that I just picked up. It's negative yet there are a few positives within the release!
C-YA
Matt
Thursday December 4, 9:45 am Eastern Time
Gold to find support at $270-275 per oz -economist
HONG KONG, Dec 4 (Reuters) - Gold will find support at $270/275 per ounce, Martin
Armstrong, chairman of Princeton Economics International said.
''It is very difficult to get gold into the boom market, as long as they (market players) viewed that all
these central bank sales will suppress it any time,'' he said.
Gold prices slipped further on Thursday to $289.85 per ounce at the London fixing, a fresh low
since early/mid March 1985.
''The big spikes in gold always come when the currencies are undermined,'' he said.
The further the falls, the more the trend perpetuates itself but the stronger the rally would be after
that, he said.
In late 1996, Princeton predicted gold would likely break support at $371.
Looking forward, Princeton predicted that gold would fall to a low of around $230 before rising to
$875 before the year 2003. |
