I am very impressed with gold's resilience this week, it looked for sure that the mid week selling pressure back to the 980's was the classic dump job hitting stops all the way down to the 960's and would clean out all the bids in one fatal swoop. But it was the opposite and this was most impressive a comeback to close at an all time "weekly" high. All other attempts over $1000 never ended the week above. Shows the power from when it touched $1033 once. Someone is supporting it not like any other time that I can recall.
Speculation on the buying can be from many places, the Chinese ? or the IMF, who wants to dump some gold in a huge way would want the best price wouldn't they ? Maybe they need a closing average to keep things kosher and $1000 is a nice round number. Or is it the dreaded gold cartel via Barrick/Goldman manipulating the price at their whim ?
At any rate, it makes for interesting weekend pondering of possible conspiracy theories of major proportions by key players of the world as well as the ruthless. I can just imagine how many gold stock scams are brewing in the planning stages right now just praying gold moves higher and forms a base well above $1000. Then the big "Game On" light will be lit for the next investing mania and one has to be extremely careful not to get scammed.
Still fine tuning a couple of gold and silver picks. I think they should be in everyone's high risk portfolio.... but there are some tricks to find the 5-10 baggers you want for the level of risk in the mining game. Next week will tell the tale for gold, and I think $1200 is not out of the question by Christmas into next year. Beyond that is a crap shoot.... in the meantime,buy cheap,buy quality,make money....it's that simple.
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