from, Gold Money:
“Your window to buy gold below $1,700 is closing” according to Casey Research’s Jeff Clark. As seen from the informative chart below, if previous correction and consolidation phases of this bull cycle are any indicator, Clark argues that it is not unreasonably to expect the gold price to have breached its September 5, 2011 record of $1,895/oz (London PM Fix) by Christmas.
The fact that we’re just one month from the fourth quarter – a period in which Indian gold buying increases, owing to it being the country’s wedding season – adds further weight to the idea that we’ll be looking at the $1,600s in the rear-view mirror within the coming weeks or even days.
As Clark points out, September is usually gold’s strongest month of the year. This may not be unrelated to the disproportionately large number of banking crises that tend to occur in that month. Last year was unusual in that we had such a strong showing from gold during July and August, which are usually quiet months for the gold market. So revision to the mean is likely.
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