October 6, 2009

Gold hits new Record high - I was wrong

A few months ago I stated my opinion that gold had peaked a year ago. Gold just hit $1,040 an ounce which is apparently a record high. So I was wrong and gold hadn't peaked yet.

At this point I don't know if gold is really peaked or if it might still go up further. The article has one expert opinion that gold will hit $1,100 an ounce. I think thats pretty realistic, if it is at $1,040 then gaining +$60 doesn't seem too hard.

But long term I still think that gold is on a boom and will eventually hit a bust when the recession starts to end. The article does say: "However, the weight of near-record long positions in New York gold futures still leaves the market vulnerable to a correction."

Here is my next bold prediction : If you buy gold today it will be worth less 12 months from now. Of course this is just my on personal opinion and I'm not an expert on the precious metals market.

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