Gold and silver prices advanced, and the dollar held firm Monday on news of a cut in the U.K.’s credit rating and central bank buying of gold. Spot gold prices rose $9, or 0.57%, to $1,590.50 an ounce. SPDR Gold Shares (GLD), tracking one-tenth of an ounce of bullion, added …read more
Source: Pipe- Silver Feeds
Commentary: Big sell-offs like we saw last week are only temporary. Eventually, the price reaches a level that attracts buyers onto the scene.
It’s surprising that gold hasn’t seen a big rally in response to the latest quantitative easing. That’s one reason, out of many, driving many to claim gold prices are being artificially suppressed by the big banks and central banks. Either way, gold’s long-term outlook is strong. Many analysts contend that $2000+ gold is certainly possible in the next 1-2 years.
Since this story appeared, both gold and silver have pull backed slightly (Wed. 2/27), which is common too following a big rally.