I see positive signals everywhere on many blog sites about the price of gold moving higher.
Second, Citibank analysts are suggesting price goals of $US 2400/ounce (Chart 2). Indicating that we are at the bottom of the upwards channel. Time to go turbo long gold.
Third, I read an article about Mish Shedlock going into silver. You only go into silver if you're absolutely sure the gold price is moving upwards. If Mish goes into silver, he's betting on gold going up and thereby leveraging his bet with the silver price.
Fourth, we see that gold premiums are at an all time low for physical gold (PHYS) (Chart 3). Sentiment is very bearish (1.18% premium) and should indicate a bottom.
Last but not least, we saw gold being slammed down yesterday, but it moved back up later in the day (Chart 4). Bull markets always have sharp declines and gradual increases. This is also a bullish signal.
And by the way:
First, the technicals are suggesting a surge in gold prices to above the $US 2000/ounce level. On Chart 1 we can see that a bounce could occur of the 50 day moving average above the 200 day moving average.
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| Chart 1: Gold Price |
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| Chart 2: Gold Price (Citibank Analys) |
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| Chart 3: PHYS gold premium V.S. gold price |
Last but not least, we saw gold being slammed down yesterday, but it moved back up later in the day (Chart 4). Bull markets always have sharp declines and gradual increases. This is also a bullish signal.
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| Chart 4: Gold slammed down and moves back up |
And by the way:
