Wednesday, February 25, 2009

Mark Leibovit - VR Trader Comments on Gold

Gold's next target is the record of 1037 seen last March. Beyond that, I am looking for 1200 and ultimately 3000. We could even go much, much higher. How about 10,000? Support is at 953, 925, 900, 875, 850 and 800. I don't expect to see it, but next support is at 780 followed by 680.

I continue to recommend accumulating the physical metal whenever you can get your hands on it. Reason? There is not a single central bank or financial institution in the world that can create more gold. Its supply is extremely limited. All the gold ever mined in the history of the world would fit into two Olympic-size swimming pools. In addition, every central bank on the planet is printing fiat money like crazy. Plus, if you think the financial crisis is bad thus far, tighten your seatbelts because it's about to get a heck of a lot worse.

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