Panic Everywhere - Where Are The Gold Buyers?
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
As equities continue to get hammered and there appears to be blood in the streets, one must wonder -- where are the gold buyers? The pundits and so-called experts always call gold the fear asset. There is a lot of fear, yet gold is steady to lower.
Traders and investors should never confuse the issue of what drives prices. Many continue to search for the magic correlation. The action in world of equities the last few days should have pushed gold prices higher. However, here gold sits at the $1,240 support level.
Gold has broken out to the upside and the rally should continue from here. We expect to see our next target of $1,275 to come into play soon -- not because of the fear on Wall Street, not because of a weaker or stronger dollar, but because technically it has broken out to the upside.
You want the truth, follow the money.