technical traders are calling for pull backs simply because gold has gone up.. but is there any fundamental reason why it shouldnt keep going up?
Chris Vermeullen is a perfect example.. he was calling for gold to drop to 1400.. or maybe as low as 1200 while we were forming the cup and handle of the past few years.. now he is saying we need to pull back to 2100... simply because it has run a certain distance... tell that to the central banks of Asia... they are competing against each other to get their desired level of gold to hold as a tier one reserve asset in place of US treasuries
Ann: Beacon's Resource and Reserve Statement 2024, page-21
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