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Thursday, November 29, 2007

Review Gold Price Corrections from 1978 to 1980

During the 1978 to 1980 gold bull run, each major gold price correction took only four weeks to find the bottom. After that the gold price marched back to its old highs.

Renowned gold expert Jim Sinclair of has this advice regarding the current correction in the gold price:

"Gold is going to $1050 and then on to $1650. My only concern is that I may be too conservative. If you are on margin in anything gold and not a professional with at least 25 years of professional experience, you are a raving nut job. This is just a short term reaction which will run its course before gold establishes higher highs. You have seen this a million times!"

Next week will be four weeks since this current correction in the gold price began and may be an excellent time to buy gold. Jim Sinclair has this simple but very wise advice to give regarding when to buy and sell gold, "Sell strength and buy weakness."


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