Is now an opportune time to position into gold?
*JSMineSet, by Jim Sinclair, May 29, 2008
“I am staying with the position that the price of gold established its LOW in this reaction period on April 28th.
We are entering into an area of major support as gold trades below the $887.50 Angel. That Angel will demonstrate its magnetic influence by pulling gold to the upside.
A worst case scenario bottom on this second decline will be within a range of $18 to $22 under that Angel. A more likely scenario is $10 to $14 under.
In terms of a timeframe to establish the absolute low, which will be a huge Bear Trap, is a few days at the most.
After this absolute low has been established, the $1200 magnet will start pulling on the price of gold once again.”
*This information is solely a highlight of the opinion of a third-party publication and is incomplete. Please subscribe to this publication for the full and timely opinion of the author and call a Monex Account Representative for any additional up-to-date information. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.