Profit Taking Day for Gold?

Gold is starting the day up, but barely. Don't be surprised if the next couple of days are profit taking corrections. Those who got in gold last year or before would be silly not to peel off some profits. This should do little to stop the bull market in the long run. All indicators remain pointing towards a bull market in gold as the dollar continues to struggle, businesses show no signs of growth and the US deficit will only grow two fold, especially if the Senate passes health care reform.

As always, watch the correction and feel free to jump in. However, with prices this high the risk goes up almost daily. A major correction could happen any day, not because of financial indicators, but because of investor fears. Many people have been burned by holding too long and they have become jitter to corrections. Thus, if one appears to be starting a flood of gold sellers could drive the price downward in one shift swoop.

IMF Gold Sell Pushes the Precious Metal to Record Highs

The IMF announced 200 metric tonnes sale of gold to the central bank of India. This is more indication of central banks moving out of the paper money and into precious metals. Everything is speculation, but as the dollar continues to struggle, nations will be looking to run to something of value. This could cause a major devalue of the dollar as more and more traders and nations move away from the greenback.

Gold Surging

If you missed the chance at getting into gold, well forget about it now. Gold is surging up $25.20 at $1084.80. Silver is right behind up .78 at $17.25. For any potential buyers, it is time to wait for the next correction, because the train has left the station on this one.

Gold on Correction

Gold is showing some signs of a correction. If it goes below $1000 it might be time to buy. Gold Quote for 10/29/09

Also, take a look at this video. Euro Pacific Capital Peter Schiff explains why gold is going up and the proper way to look at inflation. Mr. Schiff's notes that inflation starts with the printing of cash and that is certainly underway. Also, watch the video, which was taped in September and note the talk of gold reaching and staying at $1000 something it has done; a major concern of those debating Mr. Schiff's position.