In the last month Gold made quite a reversal. After making several consecutive historical highs, Gold has reversed course and is trading more then 100 dollars per ounce off the highs. But the million dollar question is, "is this a long term reversal or just a small and healthy correction in a bull market?". I am not sure that this is the reversal but I wouldn`t buy gold at these levels under any circumstances.
"Less than one month ago today, the price of gold was trading above 1,200 dollars per ounce, and hitting record highs what seemed like every day. Since then, the fortunes of gold have reversed dramatically. After breaking below its 50-day moving average before Christmas, gold attempted to rally back above that level on Monday but was quickly met with additional selling. Today, however, gold is making another run at the 50-day after failing to make a new low yesterday." in BIG Website
I will just add to this post that Dennis Gartman thinks that gold stocks will be the worst performing group. I don`t think its time to buy gold or gold related assets like gold stocks.
Related ETF`s: SPDR Gold Trust (ETF) (GLD), Market Vectors Gold Miners (ETF) (GDX)
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