Ah so Gold is a buy at $540 in your opinion. Yes the gold rally is long in the tooth and it would have been a better buy when it broke out. You know back when it was a "bull trap".
Buying gold now is buying it for peanuts in profit. Even picking up physical gold is not practical because of the spread. Everyone knows that Gold is a buy in the summer so why would you say its not too late. You sound like a real estate agent.
This whole rally is due to currency shifts as the Gold chart has gaps reminicent of a foreign company trading on a US market. Dollar is already off here in premarket meaning the Euro is poised to rally sooner than expected. Even the Yen looks like it is starting to build a shelf for a small recovery. So why would it be in someone's best interests to buy a market in a blow off top when most of the major sheeple have been buying for months. Cramer already has that show on the air. As with most blow off tops its hard to figure out where its going to stop and its better to pick off profits into the strength a piece at a time. A 30% gain is less than 6 months is nothing to shake a stick at and Gold has been a very seasonal play over the last 3 years. Dollar momentum is all but spent. It's going to take a dip and Gold in other currencies is going to fall hurting recent buyers at $500+. But go ahead if you are so confident with gold at $540 now. Put in you order and tell me what it feels like 6 months from now when smart money is buying.
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