I’ve been waiting for today’s flush in gold. When a market sets a point of support or resistance, it’s all but certain that it will break that to run stop orders sitting right on the other side of that level. I’ve also been expecting a major flush below $1,500/oz. given it’s such a nice, round psychological number and we’re getting that today! Gold is down about 4% today, as of this writing. It’s been under pressure the past few months as the world has been struggling with deleveraging/contraction and more recently a flight into the US dollar. However, I took this opportunity to buy a little more. There are just too many reasons to own gold in the long run so I’ll gladly buy when the market puts it on sale.
I hope everyone is enjoying this spring weather and has a great weekend!
-Nick
Gold – 3 year chart
