I haven't received any requests for any charts, so that possibly is a contrarian indication the market still has a lot of upside. Gold repeated history as it saw it's biggest decline not seen since 1983. Granted this was 30 years ago, but what is important to know that the 3 years following 1983, Gold actually saw lower prices (eg. $250/oz.) It wasn't until 1985 that gold ultimately began it's decent back up and a close above it's worst decline in 1983.
What this may mean for gold in 2013. Although, it's sharply sold off, this is a short-term opportunity to crawl back what it sold off the last few days. I don't believe we're going to see $2,000/oz anytime soon and one should protect their positions if we close lower than Mondays prices. If history tells us anything, look for a rebound of gold in 2016, which is 3 years following gold's worst decline since 1983.
Obviously I could be completely wrong. I do think that when gold ultimately begins it's ascent, the risk of not having any gold is greater than trying to time it currently. Gold has been a part of MAN's history for the last 3000 years and will continue to be. Go buy an ounce of gold and put it in a safe place. Everyone needs it, unfortunately, there's just not enough gold to go around.
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