Hang on to your hats!

Yesterday at it’s high gold was trading at $1393 per ounce.  Right now it is trading at $1357.50.  It has dropped below an important support level.  Where it will close is anyone’s guess.  See what I mean about volatile?  It does this kind of thing all the time.  Wild swings up, dramatic plunges down.  One has to have a strong stomach to participate in this type of market.  Some investors will be saying, “See, the end of the gold bull.  I told you it was over valued!“  And others will be watching the drop and will be certain that it is just gold consolidating and will have a price point in their heads and they will use the drop to add more to their position. 

What is going to happen next?  It’s anyone’s guess. 

Me?  I’m off to exercise.  My sister and I are on a mission to drop a few of those Christmas pounds.  She’s having more success than me and has dropped FIVE POUNDS ALREADY!  Whooohooo!  Yay Jenny!

Posted by Meg Tilly on Friday, January 14, 2011 in Chewing the Fat