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Metal Market Report "$900 gold is a big number, but $1000 an ounce gold will be the one that gets all the hoopla." (1/10/08)

ReportGold
Title$1000/oz Will Get All the Attention
Quote$900 gold is a big number, but $1000 an ounce gold will be the one that gets all the hoopla.

As gold approaches $900, I expect resistance to develop, for no other reason that the psychology of the number. Like we’ve just witnessed in Crude Oil, once a milestone is hit, markets often consolidate. I am not implying that $900 will be a top. I have no way of knowing. Rather what I am saying is that this phase of the bull ride may well need to pause and consolidate now that prices have approached $900 an ounce. (1/10/08)