The more things change...
18/January/2008 05:21 PM Filed in: Precious
Metals |
Financial
markets
Good Friday metal bugs. This past week we saw Gold
hit a record high, the stock market hit fresh new
lows, and the economy continue to spiral downward.
The Federal Reserve has hinted that they will lower
interest rates at their next meeting and the
President is promising “a chicken in every pot”.
The housing market continues to set new records of deterioration and the credit card crises is just starting to peek its head around the corner. Meanwhile, the major money center banks are one step away from insolvency as the credit crunch continues to worsen.
The only “glimmer” of hope on this bleak landscape is Gold. Gold climbed to a record high this week trading above $900/oz before pulling back and closing around $880/oz. Look for consolidation in the short term with Gold trading in a range of $870 to $900 an ounce. In the long term our next target for Gold is $1000/oz.
Spot Silver traded higher today closing at $16.14/oz. Palladium was down to $372/oz while Platinum was up at $1,560/oz.
The Dow fell to a 10 month low while the S&P 500 ended at a 15 month low. The Nasdaq fell to its lowest point in over a year.
Recession (maybe even stagflation) is here folks. We urge you to protect yourself and your portfolio while you can. Until next time. Trade safe.
Disclaimer: The above is a matter of opinion and is not intended as investment advice. Information and analysis above are derived from sources and utilizing methods believed reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Comments within the text should not be construed as specific recommendations to buy or sell securities. Individuals should consult with their broker and personal financial advisors before engaging in any trading activities. Please do your own due diligence.
The housing market continues to set new records of deterioration and the credit card crises is just starting to peek its head around the corner. Meanwhile, the major money center banks are one step away from insolvency as the credit crunch continues to worsen.
The only “glimmer” of hope on this bleak landscape is Gold. Gold climbed to a record high this week trading above $900/oz before pulling back and closing around $880/oz. Look for consolidation in the short term with Gold trading in a range of $870 to $900 an ounce. In the long term our next target for Gold is $1000/oz.
Spot Silver traded higher today closing at $16.14/oz. Palladium was down to $372/oz while Platinum was up at $1,560/oz.
The Dow fell to a 10 month low while the S&P 500 ended at a 15 month low. The Nasdaq fell to its lowest point in over a year.
Recession (maybe even stagflation) is here folks. We urge you to protect yourself and your portfolio while you can. Until next time. Trade safe.
Disclaimer: The above is a matter of opinion and is not intended as investment advice. Information and analysis above are derived from sources and utilizing methods believed reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Comments within the text should not be construed as specific recommendations to buy or sell securities. Individuals should consult with their broker and personal financial advisors before engaging in any trading activities. Please do your own due diligence.
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