Short answer is I do not know. Before yesterday, I had thought gold and the precious metal stocks were trying to form base. My longer answer is that yesterday's price/volume action puts the $1,200 range in play. This the last price support area where volume demand drove prices higher. Just look at the long-term chart of the GLD, to get a sense of this support region.
And yes, my view is biased, as I have been buying since about the $1,400 level and would continue to do so. I would much rather own gold and/or precious metal stocks at these levels versus say equities or bonds in a long-term time frame. Remember, gold has not had a a correction in years. This downdraft is trying to correct that error. That said, with the prospect of world-wide money printing by central banks, gold prices are going much higher in the long-term.
And yes, my view is biased, as I have been buying since about the $1,400 level and would continue to do so. I would much rather own gold and/or precious metal stocks at these levels versus say equities or bonds in a long-term time frame. Remember, gold has not had a a correction in years. This downdraft is trying to correct that error. That said, with the prospect of world-wide money printing by central banks, gold prices are going much higher in the long-term.
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