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Staging area for gold may be same for fall in pound and dollar
3:35p ET Wednesday, February 27, 2013
Dear Friend of GATA and Gold:
Two commentaries at King World News today seem to echo today's observation by Mike Kosares of Centennial Precious Metals in Denver that gold has entered a staging area for another rise:
First, Sprott Asset Management's Rick Rule remarks: "I think history is our guide. There have been seven or eight retrenchments in the current gold market, which of course began in 2000. So if you think about the bull market that we're in, a move in gold from $250 to over $1,500, there have been seven or eight retrenchments, and in every case gold has come back and retraced the retrenchment in fairly short order and gone on to make higher highs. I am convinced that this will be the same thing."
An excerpt from Rule's commentary is posted at the King World News blog here:
Then market analyst Kevin Wides discerns similar but inverse patterns with the charts of the British pound and U.S. dollar:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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