Next Stop For Gold: $1,200
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
One of the greatest calls in sports was Howard Cosell calling the Joe Frazier-George Foreman fight when Foreman knocked down Frazier. The call was “down goes Frazier, down goes Frazier,” which lives on 45 years later.
If Cosell were still alive, he might be making a similar call – “down goes gold, down goes gold.” It certainly has been an ugly time for the metals. There seems to be no buyers in sight and with gold down another $12 this morning, $1,200 is just around the corner.
We all know that gold will rally again but we don’t know when. We can expect a dead-cat bounce, which could create a rip-your-face-off rally. The next few rallies should be sold until gold can rally and stay above the $1,240 level for a couple of days. For now, it’s just ugly.