Gold Outlook For 2011

2010 marks the 10th straight year that the closing high for the year is higher than the previous year. I remember like it was yesterday withdrawing $1,200 from my bank and driving down to the coin shop and purchasing three gold Ameriican Eagles. Today, I couldn’t purchase one for that amount of money. Here’s the closing price each year since 2000:

2000 — $273.60
2001 — $279.00
2002 — $348.20
2003 — $416.10
2004 — $438.40
2005 — $518.90
2006 — $638.00
2007 — $838.00
2008 — $889.00
2009 — $1118.40
2010 — approximately $1419

What’s my outlook for 2011?

The low in July of 2010 was about $1.156 and the recent high was about $1,430. That’s $274. If we think of the trading the last two months as a flat or flag, a breakout could give us a target of $274 on top of $1430 or $1,704! Interestingly, Jim Sinclair at JS MineSet has looked for $1,650 for a long time and recently $1,764. (see chart)

Tags: Predictions for 2011

Discussion Area - Leave a Comment




Copyright © 2007 Mover Mike. Design by Anthony Baggett.