Feb 07
13
| Gold is on the move again. Last week I said the Fed gave the goldphiles the green light to buy and buy they did. Gold hit its highest level since last August and looks like it is wanting to move higher. Long term gold is targeting $750.00 an ounce. The biggest hurdle this week is $700.00 an ounce and a speech by Fed Chairman Ben Bernanke. Mr. Bernanke begins two days of testimony tomorrow in front of the Senate banking commute on US economic outlook and monetary policy. If Mr. Bernanke seems not worried about inflation then gold is undervalued. Not to mention that the geo-political situation with provocative words from Russia and Iran that will keep the goldphiles buying. |
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Posted in World Economy by Greg
