A while ago it occured to me that gold is overvalued, but the momentum keeps accumulating. I decided to be cautious and wait and see. Now Buttonwood agrees with me that it's overvalued.
http://www.economist.com/finance/displaystory.cfm?story_id=10809383
"John Reade, a commodities analyst at UBS, who reckons that the fundamentals justify a gold price of only $700-750 an ounce, has “thrown in the towel” and now expects bullion to reach $1,025 within a month and $1,075 within three."
Maybe I'll rethink after gold hits $1100.
Monday, March 10, 2008
Shorting Gold
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