Gold Going Past $3000/Oz?

T

Once again, I have to pipe in here. PM's appear to be the popular investment right now, propped up by fear and paranoia propagated by conspiracy theorist, pm investor, and fundamentalist Christian websites. I could be wrong, but once the dust settles on this new economic downturn and things normalize again (as they always do), the market will look like the place to have kept your long term money. I keep hearing that this economic downturn is different, it's unique, and we won't be able to recover from it. Hate to say it folks, but every economic downturn in our country, going back to the 1800 downturn, has been unique. We've always swung the other way, and at least for my lifetime we always will. I say, keep your investments maybe a bit conservative right now, and diversify, diversify, diversify! I'd stay away from pm's at the moment, as they are about to do what properties did a few months back when everyone pulled out. You can tell by the ads. I remember every station on t.v. after midnight would show those invest in property info-mertials right at the end of that bubble. Now I'm starting to see invest in p.m. ads...not a good sign. I'm just sayin'...

I like to go by charts.

Right now gold is in a wait and see pattern. Wait and see if it can break the resistance level of around $1225 for a move to $1500.

Or wait and see if there is another failed attempt at resistance at around $1225 again, maybe twice more, then look for a fall back to previous resistance (now support) at around $1000, maybe $975.

A few months of encouraging economic data would spur risk appetite and move monies back into the markets and gold will fall. But if it blows out the stops and shorts above $1225-50, the move to $1500 will be quick.

And then we'll do it all over again with new supports and resistance.

I'd like to know if there are any Elliott wave theorists out there. I'm wondering if they think we are in the middle of Wave 3.

I enjoy viewing the charts also.

I am not an analyst or wave theorist but do believe that most markets today (including precious metals and equities) are being manipulated like a sock puppet.

Diversification is a key. Precious metals are like insurance to me with the added benefit of being in the form of beautiful numismatic pieces.

Keep your eggs spread among several baskets and enjoy the hobby of coin collecting at the same time.