Algorithmic Advisor produces buy signal on GLD ETF
The selling of gold has been relentless & commodity prices are very weak as the dollar and the yen are very strong and liquidation is the order of the day. Further, the unabated rally in the dollar may further curb investment in gold after Federal Reserve Chairman Ben S. Bernanke endorsed additional financial stimulus to support the U.S. economy. Weakness in crude prices is also weighing on bullion prices.
Worries about U.S. recession and inflation push investors to precious metals. Targets for gold prices increase to $1000/oz. by the end of 2008.