September is always a good month for gold

The gold price fell again on Thursday, sinking $28.75 to $1,730.50 per ounce. The price of gold fell as low as $1,704, however rebound back to $1,763.20 Friday morning – from lowest $1,704 is a level that is 10.9% off the $1,913 high posted earlier this week. Heavy liquidation of COMEX gold futures weighed on the yellow metal.

Former Co-Chairman of Newmont Mining (NEM), Pierre Lassonde, made the following predictions on gold in an interview with King World News:

Yeah, we’ve had a really good summer for gold, which was to some extent been unexpected. I was thinking that we would see more marking of time for a while on the gold price, but no, it’s been a hot summer for gold. But the one thing I really don’t like is a candlestick formation. Gold was going up too fast, it needed a breather, it needed a correction to be able to stay in a bull market.

So we’ve seen a 10% correction, is it the end or is it going to see another 10%? This being the end of August, September is always a good month for gold, it has been for the last ten years. So my feeling is that the correction at $1,700, plus or minus $20 is over. I think we are going to see an attack on the $2,000 level in September. It will probably bounce back off again, you’ll probably get a couple of bounces off the bottom…. Depending of course on what’s happening in the political world, if Greece explodes in the meantime, there’s no telling where gold is going to go. I mean you could see $2,400, $2,500 before year end. Is there a possibility of that? Yeah I think there is a 10% chance of that happening. If you look two years out I think there is a 100% chance (of $2,500 gold).


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