Top Gold Market Analysis

Best of the gold market analysis: Our own, the ones we find interesting, from gurus like Jim Rogers or Marc Faber, and the ones we follow their work closely, like Wall St. Cheat Sheet. Missing an important piece here? Let us know and we'll include it.

jim rogers forecasts goldUnlike pessimistic view of some analysts like Gartman, Jim Rogers believes this gold correction is an excellent opportunity to buy in. He acknowledges the steep 11 year gold bull market brings a high chance of a big correction and likes to see prices correct for a healthy uptrend. Not discouraged by the fear on the street, he said he would get "extremely excited" if gold prices drop to $1,200 per ounce.

"I own gold and I'm not selling my gold … Somewhere down the line gold will have a correction. Gold will continue to do what gold does best. Just give it a chance.", said Rogers.

dennis gartman

Dennis Gartman of Gartman Letter forecasts gold 11 year fiery run is over and a bear market is already in place. The pessimistic view comes as gold prices in mid-term analysis have lower highs and to confirm the downtrend prices need to go below the previous lows. This is in fact the definition of a downtrend and he predicts the trend will continue . "We have the beginnings of a real bear market, and the death of a bull.", says Gartman who correctly predicted the slump in commodities in 2008.

He sold all of his gold in expectation that gold prices would drop more than 20 percent, the common definition of a bear market.

Gold prices dipping below $1,700 an ounce due to market sell off can be a golden opportunity to buy gold coins and bullion, said Cramer in his Mad Money Show.

Solving the European economic crisis could mean “potentially crunching a minimum of $10 trillion in bank debt,” which would create a severe deflationary climate. “Almost everything will be worth less, and you can see the value of property declining immensely in Europe,” he said. “In that scenario, everybody’s saying, ‘No inflation? You’ve got to sell your gold... That’s why I think gold’s current direction will turn out to be wrong.”

In the last few weeks a slow slide in commodity prices – metals in particular – has turned into a full-scale nosedive.

All through 2011 copper had remained essentially between US$4 and $4.50 a pound, but on September 11 it dropped below that range and didn’t really stop falling until October 4, when it bottomed at $3.05. Aluminum gained ground in the first half of the year to reach $1.24 per lb. in April, but after losing 10% in the last 30 days it is back below that, at $0.96. The spot price of nickel lost 19% in the last month; zinc prices fell 17%. Precious metals were not spared either: The price of silver shed a whopping 33% in 30 days, while gold is currently down 15% compared to its price on September 6.

By almost any measure, gold stocks are undervalued. Should we load up?

After completing my research on this question, I’m convinced more than ever that we at Casey Research are in the right place. See if you agree…

Last week, we wrote that gold and gold stocks could be at – or very close to – a bottom. So far so good, as the miners rallied out of oversold conditions.

Gold found support at the 35 weeks Exponential Moving Average, and RSI held above 50. That’s a good sign so far:

Exchange-traded funds tracking the price of physical gold have been in the spotlight for months as the price of the yellow metal has trended into record territory. Lagging and less noticed, however, are funds tracking gold miners stocks that now could offer a profitable way to participate in gold’s rally.

The Fundamental Edge

It’s certainly no secret that gold has been on an impressive rally that many analysts expect to continue into the indefinite future. The price of SPDR Gold Trust GLD +1.43% is up more than 25% year to date and so many investors who haven’t participated in this run might feel like the train has left the station without them.

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