The precious metal rose from $836 to $848 in morning trading, just a breath away from its record high of $850, set in 1980. By lunchtime, gold had soared to just short of $860, and continues to rise.
“It looks like gold is in the midst of a breakout of its two-month consolidation,” writes our gold adviser Ed Bugos. “If confirmed, we are likely to see at least a $100 rally in the next few weeks, and the bulls may even challenge the $1,000 level as early as February.
“The longer I spend looking at my charts, the more I’m convinced that the market is poised for a history-making move. The time is ripe for the bulls to challenge $1,000 and wake the world up with a foray into four-digit terrain. Let the fireworks begin!”
The fireworks began awhile ago for gold’s die-hard fans. The metal rose over 31% in 2007 -- its seventh consecutive positive year versus the dollar.
Focus on :ABX, NG, AZK
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