Gold Breaks Out
Paul Tustain
Bullion Vault
Aug 24 2012
Usually I focus on the reasons to Buy Gold rather than the timing. Timing is not my territory. But as we approach the anniversary of gold's all-time high, my thoughts turn to the ebb and flow of the gold market.
Last year, on 6th September 2011, gold hit $1920 per oz. It had shot up from about $1500 at the start of July, making new all-time highs almost daily. Three short weeks later it was back down at $1540. In sterling [UK] terms it was almost the same story, £930 at the start of July, up to £1194 and back again to £995.
Since then people have left gold alone, and many have sold. But gold has not fallen away like almost everything else would have after a ten year bull run. After a rally this week, it's currently trading around $1660, or £1040. It has taken a breather.
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But in the last couple of days things have started moving. Volumes are creeping up again, and prices too.
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There will be a flood when those bonds turn back into cash, and that looks increasingly imminent
More: http://www.321gold.com/editorials/tustain/tustain082412.html
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