Gold Price Still Needs One More Pullback

New York (Mar 8)  Although gold’s rally so far this year is promising, one popular newsletter writer says he expects one final leg down in prices from here. ‘I think this is a good rally, the right people are bullish,’ Grant Williams, publisher of the Things That Make You Go Hmmm… newsletter, told Kitco News on the sidelines of the world’s largest mining convention in Toronto. ‘But I am kind of waiting for one more pullback. Gold always has that propensity to kick everybody in the teeth one last time, so I’m waiting for that to happen,’ he added. Tuesday, gold prices managed to trade close to last week’s 13-month high in early morning trading, after falling back.

At today's close spot gold was down $3 to $1263, while spot silver lost nearly 1% closing at $15.39. And spot platinum was hammewred down $13 to $984, while palladium plummeted $12 to $561.

Source: KitcoNews