Friday, November 6, 2009

$1100 Gold Coming Soon!

I was wrong. I said a couple weeks ago that gold will peak at around $1050 (but I searched to find where I said that, so I guess I'm not wrong, right?!). Today the gold price is $1095.

This is a historical high for gold in dollar terms, surpassing it's many previous highs that it hit in October, 2009. We've seen quite a few instances of a gold all time high over the past few months. Let's look at a chart which shows it a bit more clearly.

Rise to $1100 Gold Chart

As you can see from the chart above gold nipped $1000 in February, nearly did it in May (both were near historical highs at the time) and in September in remained comfortably over $1000 for over a month long period. In October its holding level was around the $1050 mark. Now we're tinkering with $1100. Will it hold here for a month again? I'm not going to take a guess this time!

And, for your reference, the chart below shows gold's previous run up to $1000 when it did it in the spring of 2008. Then it pretty much remained below $1000 for a year before continuing on its current spike.


Should You Sell or Buy Gold Bullion and Gold Coins?

Right now, if you paid under $700 for your gold bullion coin and would like to realize a $500 profit, I wouldn't say that you'd be making a mistake by selling it. I do think it will go higher, but that will be slowly and not a sudden increase unless if something drastic happens in the economy. So, also, if you decide to buy gold right now, your investment decision will also be wise! I do think gold will dip again, though.

Should I Sell Gold and Buy Silver?

I wouldn't say this is a bad strategy, since silver has a much higher chance to double or quadruple as gold does. If you've been reading the site you'd know that I have all my money tied up as it is and I'm not saving too much so I haven't been buying as I'd like to. I did manage to buy a few small silver bars the other day; and I didn't have to sell my gold to do it!

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