Silver and Gold Buying Opportunity?
“Franklin Sanders” at the Silver and Gold blog, thinks that this gold and silver price plunge is short-term and represents a strong buying opportunity, with gold bottoming in the $925-$890 range.
FWIW, I’d agree. This looks like standard profit-taking and runs strongly counter to the ongoing drumbeat of profligate spending and tax increase news piled atop negative economic reports and continued bailout needs.
Silver and gold prices continued correcting today. The Gold Price dropped 3.40 to close at US$965.70 at the Comex close 12:30 Central time, but dropped US$15 in the aftermarket, on no news that I saw. Gold must reckon here with a correction to US$925 – US$890. I expect this weakness will pass quickly, say, two or three weeks at most.
The Silver Price dropped only 12 cents today to $13.8750, but shaved off another 23.5 cents in the aftermarket to $13.64. The same normal, natural correction has hit both metals. Silver has strong support at 13.50,13.20,12.80,12.50, 12.00 and 11.00.
greg Said,
March 2, 2009 @ 8:27 am
i agree with sanders, but precious metals for wealth preservation only, not capital gains. i am precicting a 750 point loss in the dow jones this week as the panic phase of the financial collapse is beginning today with the monstrous loss reported by aig. strap your seat belt on, the ride to dow 5000 has begun.