Gold and Silver Due For A 10% Correction?

My gold and silver gurus are calling for a time out correction in the  advance of these two precious metals on world markets.

Silver is in a “blowoff top,”  writes Ananthan Thangavel of Lakshmi Capital this morning. He sees a “correction down to the moving averages” that would push silver back to a range of a high price of $37 or a low of $33 an ounce. Silver has run with fits and starts from about  $28 an ounce in mid-November, 2010 to almost $50 an ounce on the opening today. Too much, too soon. Unlike the steady moderate pace for gold, admittedly a larger market. “This rate of ascent certainly can’t be maintained,” Thangavel wrote me. “But I do believe we’re still in the middle of a bull market in silver.”

AS for gold,  Canadian mining entrepreneur Frank Giustra feels “gold is due for a  correction, but I believe long term secular bull market still has a long way to run.” The reason; “The  dollar will continue to go down… I am one that believes that many of the policies are designed to create a lower dollar, for reasons that go far beyond just making exports more competitive.” Watch the dollar and you will know which way gold is going.  The US cannot service its massive debt, no matter what any politician says on sunday tv. Look for a devalued currency and a very long period of hardly any cost of borrowing money. The symbol of America’s decline as a world economic power is the devaluation of the debt-ridden dollar. Silver and gold aren’t debt-ridden unless you borrowed a lot of money to buy them. Don’t do that.

source: forbes.com
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