$1,000 Gold Price is No Reason to Take Profits

There is talk that a $1,000 gold price should be an area of resistance and time of profit taking.

You have to ask yourself when you read that (which is everywhere today) what kind of analysis is this?

What does a round number in US dollars have to do with a sound reason for taking profits in gold? Absolutely zero!

The US dollar is the common stock of the US whose balance sheet has gone wild. Gold sailed through the $500 level a few years ago rightly so, any resistance at $1,000 at this stage of the game is total nonsense and manipulation on several levels.

I have looked at over a dozen metrics and ratios that value Gold well north of $1,000 dollars today with a minimum of a $1,350 gold price today but we get stuck on the analysis of round numbers? This world is insane and is going where it deserves to go in my opinion.

I use technical analysis with GATA’s fundamentals so I feel very comfortable ignoring over bought areas in gold 90% of the time, I always have and always will until the evidence is overwhelming the Cartel has thrown in the towel.