Mike Norman and Perez-Santalla give another perspective on gold claiming that it will fall by $200 an ounce
Santella says : " So in the short term, I could see gold in December coming down to around $700, and at that level the jewelry market will pick up again, so it will buoy it and hold it up between 700 and 800. In the longer term, it should come off, or if there’s inflation, maybe it will hold up around there. Those are harder things to see of course, so I’m just guessing.
as to the three industrial precious metals, which are silver, platinum and palladium. Silver consumption has been brisk and remains brisk, and part of that, I believe, is the jewelry sector, which is that people have turned to silver to buy jewelry. So there’s a lot of jewelry sales in silver, so silver remains brisk at these levels … even right now it’s trading above $13. It can remain there for a while, though I think silver will also trade down because it follows gold a lot of times, as there is also a percentage of people that buy for investment purposes.
Platinum and palladium are being held up by investment money at the moment, but their primary demand is industrial. Once people realize they’re not going to get any earnings if the metals stay stagnant in the price level, they will abandon it, and so I think platinum and palladium can still come off a bit." he added
It seems like this guy does not have a clue about what going on world wide. No confidence in our own monetary system let alone, world wide confidence in the dollar.
ReplyDeleteMost people I know are preparing for a collapse of the US Dollar. I even spoke to someone yesterday who voted for Obama and now sees that he's just another hack and is stocking up on gold, silver, food, and ammo. I truly feel that the price of Gold and Silver will continue to go up as people look for a hedge against inflation which appears just on the horizon. There is no way Gold will go under $800 in the near future and I have a feeling it's going to accelerate well beyond the $1,000 price point.
ReplyDeleteHe just wants you to sell your gold so the dollar will rally again and give them more time before it crashes. Nothing more than propoganda. I will still buy precious metals and if they fall in price, I'll buy even more.
ReplyDeleteI hope there is some accountability on market forecasts. These “experts” can think whatever they want. But when they give forecasts, or even worse, recommendation, they should be hold accountable. Like in this case, if gold indeed goes to $2,000, this guy should fined by 10 gold coins and put up a big sign on the same TV network “I’m a big @$$hole experts”. Otherwise, these guys just keep coming on every network, and get a free plug for his business and media exposure, waste everybody’s time.
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