On my previous posts on the topic I ruffled a few feathers. But what I didn't say is that I believe gold could quite easily spike well over US $1600 an ounce in very little time due the fear in the market right now. It's bullish behaviour is very obvious, and it will attract investors, as well as punters from all corners of the globe.
But if it's rising due to devaluing currencies, then I would expect to see every asset rise along with it. So for me, it's driven by fear, confusion and speculation, but I suspect gold has a long way to go, as I believe this market has a lot more damage to do. So from my view is that when it gets so high that everyone is talking about it, that would be the time to think about profit taking or even pulling out altogether.
If only the buyers of crude stocks were not blinded by greed when the crude oil needle was bouncing of the 145 per barrel redline.
