August 06, 2008
Gold in a Downslide Plummet
Since gold passed below that $900 saftey ledge on Monday, we have been experiencing a swift plummet which has brought spot down to about $880 as of this posting. With all the cautionary postings regarding commodities that have cropped up thes last few weeks, I am not at all sure where the next support level may materialize. At any rate, I am pretty certain one will develope, as there are always buyers waiting in the wings with that special bargain buy price in mind.
In the meantime, gold is streched pretty thin, but as the week unfolds we should see a stopping point, with buyers coming back and averaging in on their holdings to reduce their base price. As always, the question is at what price level will this occur?
Along for the slide with gold are silver, presently at $16.60, Palladium, down to $352 and a worrysome Platinum, once king, now crashing down to about $1580 as of this posting.
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