By Daniel Cronin
Precious metals sold off once again as all commodities came off with the weak US economy and the strong dollar. Gold fell to $1,530 as a liquidation rush fell in the market. Silver fell dramatically as well, all the way under $30 at one point. I believe $1500 is a key level for gold and do believe that this pull back is a huge buying opportunity. Gold has since rebounded to $1,660, so in my opinion $1,600 would be a great entry point to get back into the market. With the double dip fears real, gold could once again flourish.
Copper prices have been very volatile in the last few weeks as prices have fallen more then $1.00 since the start of September. Copper has just traded below $3.00 as this market has been getting spooked with all the bad news out there. If this market gets below $2.75 this could really fall fast as there is huge support at that level.
Best trade to you,