AGE Gold Commentary is our regular report analyzing trends in precious metals and rare coins. We monitor domestic and international markets and extrapolate from our 30 years in metals to place current events into a hard asset perspective. View archives.
2/6/2002: Gold Up $8.50 NY Mkt Close @ $298.50
Greetings again from Dana Samuelson, Owner of American Gold Exchange.
In this brief gold market update:
Gold up $8.50 - closing at $298.50 in New York.
Gold surged $8.50 to $298.50 today in the New York trading session as speculative buying, short covering and technical buying buoyed the yellow metal. Gold market trading should grow volatile over the next several days as the market seeks a firm direction from here. Speculators will create volatility as they enter and exit the market on price swings. Professionals will be tempted to take short term profits on gains they have scored in the last two weeks when gold was as low as $277 an ounce. And recent gold price gains will cause main stream investors to begin to look at gold as a viable investment opportunity in earnest. John Q. Public loves to buy into an upwardly moving market.
I anticipate some whipsaw action in the gold market over the next several trading sessions if we don't see a further spike up to the $320 to $330 level. This rally looks pretty good so far. Today's price advance was nice and steady, mostly a dollar at a time. A steadily advancing market usually holds gains better than a market that moves in volatile price spikes. We've told you repeatedly that gold over $295 should translate into gold at $320 - $330 very quickly. We are now where the rubber meets the road.
For additional information, please see our web site at www.amergold.com where we have posted several news stories featuring more in-depth gold market information.
We continue to recommend the
following conservative gold coins for investmentpurposes. If you are more speculative, please call 1-800-613-9323 for a personal consultation.
Gold bullion: 1 oz. American Gold Eagles.
No IRS Reporting Requirements
European gold coins: British Sovereign "Kings" Brilliant Uncirculated.
These are the best classic European gold coin for popularity, price, and scarcity.
U.S. classic gold coins: $20 Liberty, in MS62 to MS64 condition; and $20 Saint-Gaudens, in MS63 to MS65.
These gorgeous, historic coins offer complete financial privacy, excellent leverage to the gold price, high collector and investor demand, and are downright cheap today.
American Gold Exchange
AGE Gold Commentary
Gold is gathering momentum to begin its assault on the previous record high of $1,911 and then push above $2,000 ... read more