GOLD NEAR UNCHANGED, MAY RISE ON BARGAIN BUYING

by Goldline.com | July 28, 2010

Gold is little changed on the New York Spot Market, but may gain as the lowest prices in nearly three months spur demand. “From a risk-reward perspective, this level presents a buying opportunity,” said Bayram Dincer, an analyst at LGT Capital Management in Pfaeffikon, Switzerland. Investors are also expecting there may be increased demand from India. “The current decline in the gold price is probably only short-lived,” Eugen Weinberg, the head of commodity research with Commerzbank AG, wrote in a report yesterday. “There are some religious holidays from the end of August” in India, the world’s largest gold consumer, which may propel demand, he said. (Bloomberg, 7/28/10)

Stocks are mixed on the New York Stock Exchange following news of worse-than-expected durable goods orders and weaker quarterly results from Boeing and others added to concerns about the pace of the economy. (CNN Money, 7/28/10)

Jeb Handwerger of Seeking Alpha tells traders gold is ‘oversold’ right now and prices are poised to go higher by the end of the year. According to Handwerger, “I expect that the rally in equities will be coming to an end and that gold’s poor summer performance will be different this fall as many weak hands are shaken out. An explosive fall rally into new highs is expected as I still have a target of $1400 by year end.” (Seeking Alpha, 7/28/10)

(Seeking Alpha, 7/28/10)

† This material has been prepared for private use. Although the information in this commentary has been obtained from sources believed to be reliable, Goldline does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice. You should review Goldline's Account and Storage Agreement along with our risk disclosure booklet, Coin Facts for Investors and Collectors to Consider ®, prior to making your purchase. Goldline's spread, which is the difference between the price we sell our products and the price we buy them back, generally ranges between 5% to 20% on our most common bullion products and 30% to 35% on all other products including our popular European francs, proof coins, silver dollars and half-dollars, and graded coins. The market must go up enough to overcome this spread before an actual profit is achieved. Precious metals and rare coins can increase or decrease in value. Past performance does not guarantee future results. Coins are a long-term, three- to five-year, preferably five- to ten-year investment. We believe precious metals are suitable for 5% to 20% of the average investment portfolio though others may recommend a different percentage. To receive free information package on gold and precious metals investing, call Goldline at 1-877-341-2646.
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