If investor psychology turns sour, nothing will save precious metals, not Greece, the Euro, debt, Fed Policy, nothing, I think it's hanging by a thread, an asset that has provided a return of -17% in the last year and no dividend.
Could go up or could go down, but my guess is that it's now more likely to go down, chartists have been noticably absent the last few days, but Incredible Charts says it need to break $1640 to establish a new uptrend. A break below $1530 means $1300.
Here's something from one of my books about the 1970's gold boom and bust:
'During every manic phase cash is always regards as a totally unattractive investment alternative. Actually, there is frequently a panic out of cash. In the late 1970's, people seriously believed that money would become worthless because of accelerating inflation. They rushed into gold, silver and resource stocks.'
