first majestic silver

If gold successfully retests the 61.8% Fibonacci level...

October 10, 2013

The long-term monthly chart of gold clearly shows it is in a secular bull market that started in 2001, reaching its all-time high of $1,921/oz in September 2011.  Since then the shiny yellow has been undergoing a normal consolidation. Moreover, if gold can hold above its 61.8% Fibonacci level, then it will most probably again begin to rise and eventually forge a new all-time record high sometime in 2014.$GOLD&p=M&yr=14&mn=0&dy=0&id=p18022169387&a=186795475

To be sure the nomination of Dr Janet Yellen to replace Ben Bernanke at the Fed will give impetus to the price of Yellen is a known inflationist. It is believed by some market pundits that a new chapter in QE will emerge in 2014...with  view to facilitate and fuel the economy higher AND BRING DOWN THE UNACEPTABLY HIGH UNEMPLOYMENT.  Dr Yellen is known to have said inflation can be higher with the objective of reducing unemployment.

Bears Watching....pun intended.

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