Seeking Alpha

Gold takes out $1,400 per ounce

  • Tension over Syria is today's excuse for buying as the metal pops 1.6% to $1,415 per ounce. Gold's now up about 18% from its late-June low in the $1,200 area. GLD +0.9% premarket.
  • Technician Michael Kahn looks at his charts and says gold broke through key resistance last week and now has its sights set on its former price floor of $1,542.
  • Silver's support and resistance levels are not as well defined, says Kahn, but the metal up is tandem with gold this morning, +1.5% to $24.10 per ounce. SLV +0.15%.
  • Precious metal ETFs: GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDISLV, SIVR, AGQ, DBS, USV, ZSL, USLV, DSLV, SLVO.
Comments (7)
  • Remember when the wizards of smart were telling us that the gold bull market was dead. Reading these stock touts is hazardous to your wealth.
    27 Aug 2013, 09:25 AM Reply Like
  • Shorts have been steam rolled. Bears thumping chest at bottom.
    27 Aug 2013, 09:25 AM Reply Like
  • Good thing I bought more physical metal and some mining shares over the last few months! :-) It was obvious the secular bull market was not over.
    27 Aug 2013, 01:33 PM Reply Like
  • All my mining stocks are down with the exception of ANV on the day which gold price has gone up over 20 points. I just can't figure out this insanity.
    27 Aug 2013, 03:35 PM Reply Like
  • Why are gold ETFS down today??
    27 Aug 2013, 01:57 PM Reply Like
  • because ETF's are garbage - buy physical
    27 Aug 2013, 03:57 PM Reply Like
  • It is obvious that the mainstream media work directly for the insider's. Gold ETF's are down. All the insider's won't buy the price listed. These wise guys will force the price down and then in a couple days all these stocks will again go up. Just wait for the mainstream media to start their rhetoric for buying these same stocks that tanked. Not convinced, just take a look at the options. Call options went through the roof and Put options didn't hardly have any participants. Go behind the scenes.
    27 Aug 2013, 04:59 PM Reply Like
DJIA (DIA) S&P 500 (SPY)