Why I Won’t Be Buying Gold Anytime Soon
When gold surged to over $1,400 an ounce, I was still not a believer in its potential as a buying opportunity—rather, I thought it was more a trade against the possibility of an expanded conflict arising in Syria.
The gold bugs were suggesting the time for the yellow metal was here again, and I even heard a target price of $1,700 an ounce. Now, with the situation in Syria looking to be resolved, the safe haven’s gains over the past few weeks are beginning to fade away as the price falls below $1,400.
My feeling is that gold could move even lower and back towards $1,300-$1,325 if the Federal Reserve decides to rein in its bond buying at next week’s Federal Open Market Committee (FOMC) meeting.
Continue Reading: Why I Won’t Be Buying Gold Anytime Soon