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Gold correction back to 680-690 after announcement?

chu.ge (楚格, 海闊天空)
本文发表在 rolia.net/zh 相约加拿大网上社区枫下论坛
But Ned Schmidt, editor of the Value View Gold Report, considers gold as "seriously over bought" as a result of expectations for lower U.S. interest rates and financial concerns in the U.K.

He said a correction to $680-$690 for gold prices is likely after the Fed announcement.
But whatever the Fed does is "good for gold investors," he said in emailed remarks. If rates are cut, it'll confirm monetary will at the Fed and assure a new high for gold by year end, he said.

And if rates are left unchanged, the "housing and mortgage debacle will continue to dominate financial markets," he said. "Gold is the only safe haven in such an environment."
Given all that, Schmidt said $1,400-plus gold prices are "no longer a dream, but a reasonable expectation."

Adding support to gold Tuesday, Governor Miguel Angel Fernandez Ordonez said the Bank of Spain won't be selling more gold this year. Under the central bank's gold agreement the Spanish central bank had been the largest seller of gold this year, according to reports.
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(#5702@43)
2007-9-18
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