some interesting views on gold price taken from fatprophets commentary today...
Gold was unloved on Thursday, with the Gold Index recording the biggest fall of the day, dropping 1.8% to close at 2,056.2. Sector heavyweight Newcrest Mining was not spared falling 2.34% to close at $9.61, a price not seen since January. The mid-caps were sold down the hardest, with Evolution and Silver Lake Resources falling 5.13% and 2.86% respectively. The sector however may get some respite today with gold rising $9.50 to $1253 overnight following the ECB’s decision to move rates into negative territory. I remain bullish on gold.
As I have been saying I think the gold price itself has completed a multi-year corrective phase and is now in the process of completing an inverse head and shoulders which should see the price re-challenge the $1500 level later this year.
For what it is worth...i guess only time will tell??
BDR Price at posting:
63.5¢ Sentiment: Buy Disclosure: Held