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.
5/24/2002: Gold hits $322! Market catching fire!
Gold hits $322! Market catching fire!
Greetings from Dana Samuelson, Owner of American Gold Exchange.
Gold gained another $4.50 yesterday, hitting a new 2-year high of $322, and shows no signs of slowing down.
A new Great Bull Run?
The price per ounce of gold has increased $10 in the past 3 days, $14 in the past week, and $20 in the past month. We believe these gains are only the start. Indeed, it looks like gold might well be entering its second Great Bull Run. The first, of course, was in the late 1970s when gold topped $850 per ounce. Truly, the prospects for gold have not looked this positive since that heady (and extremely profitable) time.
On April 22, when gold was $302 an ounce, we sent you our most important email alert in 3 years. We told you unequivocally that gold was ready to pop, and that you should BUY NOW! We are conservative market analysts; we do send such messages lightly. For those who read our alert, took our advice, and bought gold on our recommendation, congratulations! The gold bullion price has appreciated by almost 7% in a single month, and that's only the beginning. Classic coin prices are also moving higher.
Itís NOT too late!
Based on current market conditions, we are now looking for a push up to $340, perhaps higher, in the near future. Recent pullbacks due to profit-taking have been shallow and short-lived. The gold market continues to push steadily higher.
To those of you who are still on the sidelines, it is NOT too late! The gold price remains abnormally low compared to its 20-year average. Factor in the current world economic climate, escalating global conflicts, and the weakening U.S. dollar, and it looks like gold will easily gain the $375 - $425 range within the next 12 months. This is a conservative price prediction. If we get lucky, we could see prices move much higher.
The trend is UP
Momentum is clearly growing. Investment demand is escalating worldwide. It seems everyone else is now rediscovering what we gold bugs have known all along! (I'm very proud of all of you who had the courage to buy gold last year when absolutely no one wanted it!) When the second leg of this new bull market kicks in, and upward price momentum attracts fresh waves of new buyers, gold could easily surge fast and far, much like it did in the spring of 1993 when it jumped from $328 to $407 in a few months. We've been in the gold business continuously since 1980 and we've never been more bullish than we are today! There will be some bumps along the way; but as we traders say, "the trend is your friend," and the trend for gold is higher.
We respect the fact that you have many choices when buying and selling. American Gold Exchange offers you honest deals on the finest coins and bullion available in the market. Our prices are among the lowest in the nation, and our service (and advice) is second to none. We've earned our reputation as your reliable hard asset advisor, and we'll be with you for the long haul.
Again, we recommend aggressive purchases of gold NOW! Your downside risk is minimal and your upside potential is excellent!
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