Vietnam Gets the Gold Bug 5 comments

by: GoldCore November 15, 2009 | about: GLD / SLV

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Gold
Gold pulled back from its record nominal high of $1,123/oz on Thursday, as a stronger dollar initiated a bout of profit taking. It is currently trading at $1,108/oz. In the short term, a first stop for support should be sought at $1,098/oz and a resistance of $1119/oz.

In the longer term, the news that Vietnam has lifted its ban on gold imports will add fresh impetus and demand into a historically pro-gold region. Even with this bout of profit taking, a volatile dollar combined with the possibility of rampant inflation due to imprudent fiscal policy, gold should hold above the $1,000/oz level, gather fresh investors and continue its bull run.

Silver
Silver is currently trading at $17.33/oz, with resistance at $17.59/oz and support at $17.07/oz.

Platinum Group Metals
Platinum is trading at $1,361/oz, palladium is $352/oz and rhodium $2,050/oz.

Disclosure: no positions

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This article has 5 comments:

- Michael Clark:
- Comments (1912)
- • Instablog (255)
- • StockTalk (71)
seekingalpha.com/insta...

I am living in Vietnam; and gold is very hot here. Gold is hot; real estate is not so hot.

The instapost above shows you why gold will rally until about 2019. Real estate will decline until about 2019. But don't fall in love with gold. Once the selling starts in about 2019, gold won't rise again until 2037.
Nov 15 07:14 AM | Link | Reply
- geotopia:
- Comments (12)
- •
- Geotopia International
Ah, the precious metals, Gold, Silver, and Bullets.
Nov 15 08:34 AM | Link | Reply
- 5142152-337:
- Comments (366)
...especially the bullets. BUY PHYSICAL gold and silver, a gun, and lots of bullets. Oh, a safe would be nice, too!
Nov 15 12:30 PM | Link | Reply
- 5142152-337:
- Comments (366)
Michael Clark: Does one have a reason to be CAUTIOUS in Vietnam regarding counterfeiting of gold coins?
Nov 15 12:42 PM | Link | Reply
- Beach Bubba:
- Comments (73)
- •
- tourtuxtlas.com
Gold and silver bars and coins (fake) are being dumped out by Chinese back yard mints by the millions, in every denomination and class. Some are almost impossible to detect by look and feel. It takes a scale and measurements to be assured...and then you might get took. Ebay is a fool's paradise for coins today. Stay far away from newbies and ebay and buy from expert, well known bullion and coin marketers.
Nov 15 09:55 PM | Link | Reply