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Gold Finds a Ceiling
November 30, 2007

Gold Slips Below $800

Profit taking this morning have pushed gold back below the $800 mark. With the Dollar gaining strength after 2007's 10% drop against the Euro, predictions for next year seem to be leaning towards a sizeable downward correction in the spot price of gold. This is a change from just a few days ago, when economists were calling for a stable average gold price of $800 through 2008.

Seems that this time around gold has held a very solid ceiling at the $850 level. This reminds me very much of the last super bull market back in 1979-1980.

Other factors such as falling home prices, rising unemployment and oil supply problems may yet have an effect, but for now, gold seems to have capped.

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About the Author
Tom Michael has been Krause Publications primary market analyst on more than 80 world and United States coin catalogs produced over the last 20 years. He came to KP in 1987 with a bachelor of arts degree in history, a master of arts degree in economics and a history of coin collecting stretching back to the 1960s. He began collecting world coins as a child by asking friends and relatives to bring coins back from overseas trips, visiting flea markets and having his mother watch for foreign coins in her register at the local grocery store. Today he works with a dedicated base of over 200 contributors to provide accurate market values for the five-volume Standard Catalog of World Coins series, as well as many specialty catalogs, including Coins & Currency of the Middle East and the fifth edition of Unusual World Coins.

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