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Tuesday, August 9, 2011

We Had Said on (21-Jun-2010) If Gold Crosses $1455 an Ounce, Then it Will Take Very Less Time to Burst.


Today gold made high of $1266.50 at COMEX for the active contract of Aug delivery. Gold will touch $1290 an ounce in few days and if breaks $1300 an ounce then may cross $1400 an ounce. It may touch even $1455 an ounce, before the bubble bursts. The reason is investors are selling dollars and investing in gold to be on safer side.

But if it crosses $1455 an ounce, then it will take very less time to burst. Gold has surges more than 15% this year. If it gains this year also, it will be its 10th year of gain in a row. Since 1920, this is the longest gain in terms of number of years. This year the gain will be thanks to Euro crisis.

Even if it faces resistance in near future say around $1300 an ounce, it will be short lived.

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