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Gold Today: Prices Retreat but Is This the Bottom?

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Plus, a note on platinum.

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MINYANVILLE ORIGINAL The following are the most read articles on gold that appeared on Minyanville today.

Gold Prices Retreat to Lowest Levels Since Election

Gold prices continued to retreat Wednesday below psychological resistance a day after the yellow metal settled at its lowest level in more than a month.

Gold for February delivery was shedding $6.30 to $1,689.50 per ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,708.30 and as low as $1,686 per ounce, while the spot price was losing $10.20, according to Kitco's gold index. Read more...

There's Still Time Left for This Simple Gold Trade

An ETF for the precious metals investor.

If you're a gold investor, you probably have a bad taste in your mouth, and I don't blame you. Gold stocks have gone nowhere for what seems like years. Gold itself hasn't moved much in the past year. A better trade? Buy platinum (I prefer the ETFS Platinum ETF (NYSEARCA:PPLT)). Read more...

Gold Should Be Nearing a Major Bottom

Look for a washout low in gold occurring at any time near term, and for traders to start scaling in long. Here's why.

The recent rally in gold took the metal from the 1620s to roughly 1800 per ounce before the ensuing corrective action began. Back around October 20 my firm warned readers about a likely " wave 2" correction in gold, and we had several reasons for that warnings. One of the biggest concerns we had was that the sentiment surveys were running very hot at the time. The percentage of professional advisors polled that were bullish on gold was 88%, with 7% neutral and only 7% bearish. Elliott Wave Theory is the foundation of our work, though we are sure to mix in other clues and elements to "fact check" our reads. Read more...
No positions in stocks mentioned.
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