By eking out a small gain, gold prices ended their worst skid in 18 months in trading today (Thursday), after worries about Germany's credit rating trumped a margin increase by the operator of the exchange where gold contracts trade.
After trading down more than 2% earlier in the day, gold for December delivery reversed course and closed the day in positive territory: It finished today at $1,764.70 an ounce, up $6.80 an ounce, or 0.4%, on the Comex division of the New York Mercantile Exchange (NYMEX).
But where do gold prices go from here?
In today's issue of Private Briefing, in the report "What's Next For Gold Prices," frequent Money Morning contributors Martin Hutchinson and Keith Fitz-Gerald provide their surprising forecasts for the "yellow metal."
To find out more about Private Briefing (our newest service), or this gold-price forecast, please click here.
In fact, had you been a Private Briefing subscriber, you could have avoided some of the pain gold investors were forced to endure this week: In a special report on Monday, we warned readers with big profits in gold that it was time to "insure" those gains. We even detailed a hedging strategy that showed the subscribers of our newest service how to do it.
Gold set another record that day - its fifth in six trading sessions - and closed at an all-time high of $1,891.90 an ounce. At that point, the yellow metal had soared 25% from its lows in July. With gold having risen so far so fast, we thought a correction was in the offing, and warned our readers to take action in that Monday in a Private Briefing story.
Gold prices started their skid the very next day. For those who followed our strategy, profits from the "insurance" (hedged position) would have offset losses incurred in their gold holdings.
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About the Author
Before he moved into the investment-research business in 2005, William (Bill) Patalon III spent 22 years as an award-winning financial reporter, columnist, and editor. Today he is the Executive Editor and Senior Research Analyst for Money Morning at Money Map Press.