NY Times Feature No Curse on Gold
Source: GoldSeek, Rick Ackerman (6/15/10)
"Our technical runes show gold's long-term bull market remains healthy."
But just because gold investments got front-page treatment in The New York Times, don't think that will be the kiss of death for precious metals.
Gold Will Take No Prisoners
Contrary indicators aside, our own technical runes suggest that gold's long-term bull market remains healthy and robust but that deep-pocketed buyers are in no particular hurry to push quotes up to new levels. Under the circumstances, we'd be surprised if the CNBC guest's prediction of $1,300 this week pans out. But if he returns to the airwaves in October—which is when we expect gold bulls to stop taking prisoners—he'll probably have more luck. In the meantime, we attribute gold's reluctant posturing of late to Europe's newfound austerity. Whether or not Europe can handle the pain of fiscal deflation is an open question. At this time, however, no one should doubt that the countries that plan to cut back—currently, Britain, Germany and France—fully understand that a printing-press solution will only make the eventual day of reckoning more painful, if not to say catastrophic. Whether or not you believe they will stay the course, this is not the time to bet against the euro—or on runaway inflation.