Huge Day for Gold
January 02, 2008
Gold Shoots to $860
Gold has been riding high around the Holidays this year. Spot price has been on the rise for a couple of weeks, but this morning it shot through it's former roof to hit a mid-day high of $861 before settling back down to about $855 at the time of this posting.
Keep in mind that this slight dip is only due to profit taking. I would expect the drive to continue through the afternoon and would not be shocked if Gold touched $875 later in the day or tomorrow. Fueling this push is an ever weakening dollar and worries about the U.S. economy.
Long term expectations for gold, forecast in the first few weeks of December, were looking for a downturn into the New Year, however, so exercise caution. This drive will surely be followed by a stiff correction in the coming weeks or months. Volatility is to be expected.
Also along for the ride is silver, which again surpassed $15 and crude oil which hit $100 a barrel again today. Platinum and palladium both pushed ahead reaching over $1550 and $370 an ounce respectively.
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