23.02.2015 - Why Gold Is Looking Lustrous Once Again
Since peaking above $1,900 an ounce in September 2011, gold prices have declined by nearly 40%, settling at around $1,200 an ounce on Friday. I became bearish on gold in January 2013 and discussed why this January 25, 2013 global macroeconomic commentary, citing: 1) the passing dangers of a euro zone breakup (after Spain, Portugal and Greece were bailed out by their richer peers), 2) the recovering U.S. economy, and 3) that gold was highly vulnerable to a major decline after a 12-year bull market. I slapped a 12- to 18-month price target of $1,100-$1,300 an ounce—when gold traded at $1,660 an ounce. It now appears that the decline in gold prices is nearly over, and that there will be a great long-term buying opportunity in gold this year...............................................Full Article: Source
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