some interesting views on gold price taken from fatprophets...

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??