Looks tempting after such a drop, but looks like it already made a move from the bottom, $9.90. That was the time to buy. Now I don't know if I would chase it. Seems oversold, but can get more oversold. Would buy below $10...
this little bounce looks like the jewelry market buying physical @ what they think is a bargain. i remain cautious, not buying, and margin calls have yet to kick in.
//Spot gold dropped to $1,321.35 an ounce - its lowest since January 2011. It later reversed the losses with physical buying seen as the main influence to rally some 2.6 percent to $1,387.01 by 1028 GMT.
The asset traditionally viewed as a safe-haven has been undermined by a proposed sale of Cypriot gold holdings and uncertainty over the U.S. Federal Reserve's stimulus programme. It failed to capitalise on tensions in the Korean Peninsula even as Pyongyang made new threats of military action,
"We still believe that the price has further to fall - the fundamental (non-speculative) value of gold is still a fraction of the current price," Alan Miller, CIO of SCM Private, an investment management firm said in a note.
"One thing I have learnt about markets is that they rarely trade at fair value and they tend to over-shoot (in both directions), so I really do not think you can estimate the amount of money "safely parked" in gold which can quickly head for the exit when people realise they have bought into the latest bubble," he added.//
When Goldman boy saying something.....then that will be in effect....they cut and downgraded gold sometime last week and bump next day it dropped $80...and it dropped $100 more today.........can't imagine they have that much power.....what is the price target for Gold and Silver?