...many gold observers are talking excitedly of a breakout -- for instance JSMineset's Dan Norcini: "What an impressive performance gold put in today! ... The climb higher was steady signifying that not only a sizeable bout of short covering was occurring, but also an influx of new buying was occurring. ... If gold can muster sufficient strength to clear $1,165, the bears are in trouble, as only $1,175 stands between them and a swift run to $1,200."As it turned out, the Kitco Gold Index made an all-time high on Friday, which Brimelow also mentions. He had nothing to say about the contrarian implications of the excitement.
Others pointed out that gold's performance was even better than immediately meets the American eye. Gold in several currencies saw all-time highs.
Monday, April 26, 2010
Gold Bugs Celebrating Friday's Upsurge
Peter Brimelow's latest Marketwatch column deals with the jubilation elicited by gold's Friday run-up above $1,155. That vault-up has got some predicting a further run: