How low can Precious metals dip too??
Since last Thursday, we have seen a major fall for both “gold & silver”….since Goldman Sachs report last week on April 10th 2013…they had forecasted “gold to drop below $1400/oz”.
How ironic was the fall in gold and silver after that commentary on Thursday, 11th of April 2013 till Monday, 15th of April 2013. Gold had fallen $230…and silver fell $4.03. Alot of small investors and brokerages had been caught off guard..pondering as to what happened?
Being a trader myself, and working for many brokerages in the past….selloffs that we have seen recently are large orders that only the “big players” can afford to risk. As well, recent news headlines talking about whether “gold is truly a safe-haven now”???
For those who have monitored precious metals for many years..know that the best alternative to hedge against “inflation” or preserve your wealth is gold & silver bullion. Remember…dips as we have seen recently and may see slight pullback once more..are great buying opportunities. The philosophy in the equity markets when buying “blue chip” stocks…buy low ..sell high. We have seen the same trend in precious metals…and cannot rule out the same rule of trading or purchasing.
Overall, gold had broken it’s key resistance level @ $1476/oz & silver @ $26.76/oz. Can the dip continue?? For this week possibly but any rebound in equity markets…and continue “uncertainty” in Europe and tensions building in Korea…will provide another “golden opportunity” for precious metals.