The gold price
Buy Gold as the dollar is about to plummet, says Schmidt - 12 May 2009
Ned W Schmidt championed the value of Gold Investment yesterday (May 11th) by suggesting that the dollar is about to "go into free-fall".
Writing on MarketOracle.com, he compiled a median index based on the movement of the greenback against other major currencies since November 2006.
Assessing the chart, Mr. Schmidt - publisher of the weekly Trading Thoughts and monthly The Value View Gold Report - described the next few months as "ominous" for the dollar.
He wrote: "A new low in that dollar index translates into a US dollar price of gold of more than $1,100.
"Gold bugs may indeed have a joyous holiday season this year, brought to you by the Obama regime's destruction of the dollar."
Those comments were echoed last week by Jeffrey Rhodes, a Dubai-based trader for International Assets Holding Corporation, who also has a bullish view on Gold Investment.
He explained that if key resistance levels of support at about $950 per ounce or $960 per ounce can be broken for good, gold prices could be "off to the races".
"A number that would get everyone very excited would be $1,005 an ounce," he told Bloomberg.
For the very best Gold Prices - live online - plus secure storage of your physical property in Zurich, Switzerland for one-third the cost of an exchange-traded gold fund, click through and register with BullionVault now...
Writing on MarketOracle.com, he compiled a median index based on the movement of the greenback against other major currencies since November 2006.
Assessing the chart, Mr. Schmidt - publisher of the weekly Trading Thoughts and monthly The Value View Gold Report - described the next few months as "ominous" for the dollar.
He wrote: "A new low in that dollar index translates into a US dollar price of gold of more than $1,100.
"Gold bugs may indeed have a joyous holiday season this year, brought to you by the Obama regime's destruction of the dollar."
Those comments were echoed last week by Jeffrey Rhodes, a Dubai-based trader for International Assets Holding Corporation, who also has a bullish view on Gold Investment.
He explained that if key resistance levels of support at about $950 per ounce or $960 per ounce can be broken for good, gold prices could be "off to the races".
"A number that would get everyone very excited would be $1,005 an ounce," he told Bloomberg.
For the very best Gold Prices - live online - plus secure storage of your physical property in Zurich, Switzerland for one-third the cost of an exchange-traded gold fund, click through and register with BullionVault now...
Goldbug, 12 May '09
Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News, RSS links are shown there.
