Twain also coined the expression “Monday is a particularly bad day for stock market speculation. Other bad days are Tuesday, Wednesday, Thursday and Friday.”
I seek professional help in speculating on gold. I trade almost all markets and have for a long time. “Trading” is a misleading term because nobody puts a time frame or a risk profile on it. I have a core position in gold stocks, the Franklin gold fund(FRGOX) that I “trade around”…or hedge via put buying in GDX or bullion futures. IMHO, I think that with the unprecedented asset inflation we have along with the debasement of the dollar, gold will eventually trade around $950-$1100. But, according to the guys I listen to (who have been largely right in their tactical calls) we are headed down short term, $632-640 being the high estimate and $585 being the low.
Interestingly, many of these guys are forecasting silver to be the out performer of the two precious metals with aluminum and zinc leading the way for non-precious due to Chinese industrial demand. 321 gold, Kitco and Zeal all have free newsletters or trials for those who have further interest.
