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Next Stop For Gold: $1,200

Commentaries & Views

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.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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