Wednesday, August 6, 2008
BUY GOLD $865/55 area STOPLOSS $830 Target $1250
If gold can hold the $875-$876.50 area, "then it has a real good chance of rallying into December," said Dale Doelling, chief market technician at Trends In Commodities, in emailed comments. "The flip side is that near-term support areas are at $865 and $855 with major support at $848 [so] any close below $848 and I would call the bull market in gold over." the best way to protect yourself against a weaker dollar and the resulting inflation, along with persistent risks to the banking system, is to own physical goldBUY GOLD $860 with Stop Loss $830 Target $1250
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The credit crisis is degenerating into an insolvency and systemic crisis. Alan Greenspan has called the current credit crisis, an "insolvency crisis" and has said that will not end until home prices in the United States begin to stabilise. "This crisis is different - a once or twice a century event deeply rooted in fears of insolvency of major financial institutions," Greenspan wrote. Huge bailouts will be required for banks, brokerages and now there is even talk of bailouts for the 'big three' car makers.
All these bailouts will lead to the dollar coming under further pressure in the coming months which should see gold reach $1,200/oz in the coming months.
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