Certified Gold Bullion Stays Clear Of $1100 Barrier Posted by James Randolph on April 05, 2010
April 5, 2010 – The certified gold weekend closing price inched up slightly at $1126.10, well clear of the $1100 psychological barrier after hovering close two days earlier with $1113.60. But the number is slightly lower than yesterday’s $1126.40 and well below the previous week’s high of $1134
The previous week’s high stayed briefly, however, slid down again closer to the $1100 psychological barrier, triggering doubts on certified gold’s performance to stay up and bringing back memories of the disappointing January slide to $1073.85.
Pronouncements coming in droves from various quarters made last week revealed expectations for gold’s performance this week to be low. Nevertheless, gold’s slight advance may have, at most, put the metal on track momentarily following weeks of pessimism and nervous movements. It was not a grand performance but at least it was positive, may give some room for optimism and draw attention to what’s in store for the week that follows. The slight upward movement may also have given a few impatient investors some slight satisfaction in gold’s performance for the time being.
Following gold’s record performance at the end of 2009, gold’s frantic struggle to get away free from the $1100 psychological barrier is a big let-down to many investors. Gold was expected to pick up where it left off and continue the run.
An industry leader called 2000-2009 as “stage one” of gold’s bull run followed by the entry of “serious investors and more serious money.” Another forecast places gold prices beyond the $1200 level by the middle of 2010. Other investors pointed that after 2009 gold hit the 2010 ground running and expected prices to taper off at $1500 by 2005.
In the meantime, let’s look short-term at next week’s performance.
Senior Staff Writer – Certified Gold Exchange