Tuesday, 1 March 2011

Gold & Silver: Higher and higher

Kitco Metals Roundup: Comex Gold Higher, at 2-Month High, While Silver Hits 31-Year High

Gold continues to climb, Silver too high.

John Nadler cites a report saying " ... Friday night’s Elliott Wave-based short-term analysis indicated that there might be some scope for gold to now rise to somewhere between $1,529.00 to $1,547.00 unless the late January low near $1,308.00 is soon taken out, undermining that potential and tilting the trend back towards lower value zones. Gold’s 200-day moving average is currently near $1,303.00 per ounce. => This means buying gold now seems to be lucrative, but in fact risky.

Still, no significant additions were reported in gold-oriented ETF balances during the month, and that fact has some market watchers remaining on alert. More than 109 tonnes in such balances have been lost since the peak tonnage that was recorded last June amid the EU’s debt woes. => They wait to take profit!

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