Today's Slight Correction Presents Excellent Buying Opportunity
by Joe Battaglia
Posted: July 2, 2008
Gold pulled back a
little today along with silver on some profit taking. However, the profit taking is mild given the strong up move
yesterday. Today's correction is less
than 50% of yesterdays up move, so it is mild and an excellent
performance. One would look to see gold
consolidate around these ranges. In the
key futures contract gold reached a high of $953.90 and has pulled back to
$949. It is consolidating around this
$950 level. Traders want to wait and
see what the ECB does tomorrow. With
Friday being a holiday, I suspect gold will push above the $950 level in the
September contract, tomorrow afternoon.
Oil is slightly firmer, up $.32 at $141.31. The dollar is weaker, down 18 basis points at 72.18, and the Dow
is up 19 points. In essence, it looks
like a pre-holiday trading day. Trading
seems to be light and I expect that to continue through tomorrow.
Commerzbank said to
Dow Jones Wire Service that high oil prices, rising inflation and geopolitical
tensions will justify elevated gold prices over the next few days. However, physical demand for gold is always
weak during the summer, which may slow down gold's price gains through the
$1,000 level. Most analysts are looking
for gold to reach $1,000 an ounce by mid to the end of September. James Sinclair said he thinks by year-end
gold could actually reach above $1,200 an ounce. A good deal will depend upon the geopolitical situation. Today, there seems to be some softening of
the tough talk between Israel and Iran.
Iran seeming to indicate they may be willing to accept some restrictions
on the production of nuclear power. Are
they just buying time to finish their nuclear project? Probably.
In my view, today's
slight correction is a great buying opportunity. Those investors who have utilized Goldline's Price Guarantee
Program and who's opportunity to re-price their order may be expiring soon, may
wish to consider locking in today's corrected price. That means you will get more gold or silver for your money. Investors who are new buyers may also wish
to consider utilizing that program. It
is a beneficial program.
I think it is
particularly critical for investors to obtain Goldline's new free information
package. This new information package
contains articles from Royal Bank of Scotland, Fortis Bank, Barclay's Bank, the
BIS, and others forecasting that the stock market could experience a crash
along with financials in the next few months.
These warnings from major banks should be taken seriously. You should read these articles carefully. It may influence and affect the assets you
have in your 401(k) plans, your IRA accounts and your individual investment
strategies. Goldline is also giving
away a brand new quote from Merrill Lynch forecasting gold to rise above $1,000
an ounce before the end of September, along with quotes from Citibank which
said gold will reach $1,000 this year, and it has the potential to double or
triple over the next few years. Read
all of these materials carefully.
To receive a free
copy of the brand new American Advisor Newsletter, with a retail value of $99,
call Goldline at 1-800-827-4653.
Investors should contact
Goldline and ask them to explain the features, benefits and cost structure of
the various gold and silver investments that are available to you. Select those that best meet your own
personal and individual investing needs and objectives. Investors looking for low transaction costs
may wish to consider bullion assets such as American Eagles, Krugerrands,
Canadian Maple Leafs, Silver Bags or Silver Bars. However, the Price Guarantee Program is not available with these
assets.
If you would like
to take advantage of the Price Guarantee Program, which provides you with a
two-week window of opportunity in which to re-price your order in the event of
a correction, you must select assets with some collectible value such as Swiss
20 Francs, Double Eagles and Silver Dollars.
When you acquire 29 Swiss 20 Francs, you will receive the 30th
coin for free. Investors may wish to
consider several tubes of these coins to obtain several free Swiss 20 Franc
gold coins. Call Goldline at
1-800-827-4653 for further information.
To receive the free information
package including the four articles on the dollar, the economy and gold call
Goldline at 1-800-827-4653. Goldline
also provides several other helpful articles.
There are a number of other independent third party source articles that
you will find extremely helpful and informative. You will also receive the company brochure and a Coin Facts Risk
Disclosure Booklet, which you should read carefully before you make an investment.
Goldline will also send you a free
CD of the special interview with analyst Frank Barbera if you ask for it. This is a remarkable interview and I think
everyone would benefit from listening to it.
Call Goldline now to receive your free information package at
1-800-827-4653.
You should carefully read the client Account Agreement and the Risk Disclosure information.
These explain important things you need to know before you invest in precious metals, such as:
past performance does not guarantee future results. Transaction costs are generally 5% to 10% on
bullion and 30% to 35% on coins. This is also referred to as the spread, or the difference
between the buy price and the sell price. The market must go up enough to overcome this spread
before an actual profit is achieved. All markets go up and down. Coins are a long-term, three- to
five-year, preferably five- to ten-year investment, suitable for 5% to 10% of the average
portfolio. Please see Goldline's Risk and Disclosure Statement for further details.
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