The price of gold was hammered today as a healthy correction appears to be occurring in the shiny metal. As someone who believes in the gold story and holds gold stocks, I view this as a potential nice buying opportunity for more gold. I’m not rushing in to buy however, as I think the move might continue lower towards the 200 day moving average.
Hopefully, we’ll get a bunch of news and articles about how the gold story is over, because it will be at this point when it will be wise to buy some more. Corrections are a healthy part of a larger bull trend so this is nothing to be worried about. With quantitative easing 2 just around the corner, the gold story is far from over.
Keep an eye on the action and consider buying some gold (or gold stocks) if the move continues lower.
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Investing, Stocks