Gold Should I Bank Profits

By: readtheticker | Thu, Aug 18, 2011
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Gold in US dollars is pushing $2000 USD. Should you bank some profits.

Depends on the currency you hold it in.

If you hold gold and you hold it in Australia, New Zealand, Canadian currencies. Hell No ! This is because if there is a crisis then commodity based currencies will fall faster than the US dollar gold price, just as it did in 2008. Therefore you can expect gold in your currency to explode, then taking profits must be considered.

If you live in USA then selling some gold in the next few months must be considered. Gold at $2000 will attract selling. Gold is a commodity and its has gone exponential higher, therefore you can expect it to sell off just like Silver or Swiss Franc.

Consider this ..

Harry Dent latest video. Gold is a bubble.

And also consider this...

Interesting study of the close correlation between gold bullion and the Canadian dollar over the past cycle. Technician Cory points out the ominous gap at the far right now between bullion still up and the C$ down today. Will bullion follow down this time?


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This is what happened last time commodity currencies sold off and gold just sold of a little.


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readtheticker

Author: readtheticker

readtheticker
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Source: The Contrarian Take http://blogs.forbes.com/michaelpollaro/
austrian-money-supply/