Silver chartist confirms the Dubai Old Gold Souk’s $60 September price target
Posted on 30 January 2012 with 2 comments from readers
The widely followed technical chartist Clive Maund has confirmed the $60-an-ounce price target by September for silver set by the Dubai Old Gold Souk last week (click here) in his latest review of the sector. This builds on a bullish outlook for gold that is leveraged with investment in silver.
He writes: ‘On the seven-month chart for gold we can see that on Wednesday it broke out from the consolidation pattern that it has been stuck in since it peaked last August-September. This was a strong move on significantly increased turnover, which is bullish, and was a move confirmed by a massive upblast by precious metal stocks.
‘This breakout is therefore viewed as marking the end of what has turned out to be a period of consolidation, and the start of a major uptrend that should take gold much higher – comfortably to new highs.’
Major uptrend
Clive Maund’s conclusion is that a major uptrend is just starting in gold and silver, their ETFs and stocks and that this is a good time to buy if you have not already.
The monthly ArabianMoney investment newsletter published tomorrow will give some interesting ideas on how to leverage up the coming silver price increase to subscirbers only (click here). From CliveMaund.com:
2 Comments posted by readers:
Think how much the US Government could make if they minted a giant 99.99 gold coin exactly like that silver coin above. They could sell it WAY above the going price of gold. You know a lot of rich people would buy them to decorate their desks, fireplace mantles, etc. Money means little to some of them, so they would pay a significant premium, just to show off. I can see it standing in a notch cut into a green granite base. Gold bars are nice, but that coin is a work of fine art.
canadian mint has done giant coins