October 4, 2006 –
I’ve stated numerous times on my blog, even when gold was rising higher above $620 and $630 an ounce that I believed it would retrace to $570 or below. Despite this, I also stated that long term, gold is a solid investment and that one can’t be shaken out by gold’s historic volatility (which I also added would be compounded by the fact that gold ETFs make it much easier for hedge funds to enter and exit gold markets in search of the quick hits they always seek). I still believe that gold will go lower before starting a historic leg up. Stay tuned and I’ll tell you when I think gold has reached the bottom of this current correction.
