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Tuesday, October 20, 2009

Bruce's Take: Careful Short Term Gold/ Dow (Long Term Gold Is Good)

(this was echoed by John Rubino in the first episode of The Bruce Collins Show)

Peter Brimelow: Gold bears gathering but bulls defiant

NEW YORK -- Gold ends the week weakly, and the gold bears scent blood. But the gold bulls are still bellowing.

Last week saw the highest U.S.-dollar gold price ever, just over $1,070, and the highest London P.M. fix ($1,059.50). Yet by the end of the week gold was $13.50 off its peak, less than $3 up on the week. Many voices were to be heard predicting an important -- possibly short-term -- decline.

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