With everyone talking about selling, I decided to read the charts.
Many of you who sold have a high probability of being right.
Gold is hitting long term resistance right here around $1170 to $1180.
The next resistance is $1250, then the next one is aroung $1350.
If a correction occurs we go back to $1050.
Use 62 in the gold/silver ratio to figure out the corresponding prices in silver.
With so many people over the last year calling for $1200 gold, I've seen situations in gold before where gold is drawn to the price everyone is talking about.
If gold gets by this current price, my gut feeling is that gold will correct when silver reaches it's previous high of $21.50 (hit a year and half ago) using 60 from the G/S ratio gives $1290 gold correction. Once silver hits $21.50 and pulls back, we'll have the next wave up which will be significantly more bullish for silver. I can see a 50% move up in the silver price in months.