AN IMPORTANT LINE IN THE GOLD MARKET
Coming soon to a market near you: The next skirmish in the "battle for $1,000" gold.
As I detailed last month,$1,000 per ounce marks a big battleground between the buyers and sellers of gold. In the past 18 months, gold buyers have made four attempts to breach the level... and have been turned back each time by the sellers. It's a classic "trench warfare" back and forth action.
We encourage DailyWealth readers to view gold not so much as a trading or investing vehicle, but as a form of financial insurance. Gold is real, tangible money. It can't be printed and debased by a gang of bureaucrats. It's climbed higher every single year for the past eight years, which gives it the strongest uptrend of any financial instrument anywhere in the world. There's no need for gold owners to get worked up over short-term movements.
But we're watching the $1,000-an-ounce line closely simply because thousands upon thousands of market players watch it closely. If the buyers of gold go "over the top" and take the line, it could bring in a flood of new interest from people waiting on the sidelines. We're long. And we're rooting for the buyers.
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