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Gold New Year Breakout Signals Strong Gains for 2008

Commodities / Gold & Silver Jan 03, 2008 - 12:32 PM

What a terrific start to the year for gold! When you see a breakout to new highs on the 1st trading day of the year like this for a commodity it normally signals further strong gains as the year continues.

Bearing in mind that this strong gain was, of course, largely fuelled by dollar weakness, it is important that we keep one foot on the ground by referring to the gold chart in Euros. However, gold bugs will find the gold in Euros chart to be an additional source of good cheer, as gold also rose to new highs against the Euro. This is a very positive development that augers well for a strong year for gold, and is not so surprising when you stop to think that the money supply in Europe and most other countries is also expanding at a rapid rate - only 2 or 3 weeks ago the European central banks created a cool $500 billion out of nowhere to prop up ailing banks - they are starting to learn the game from the Fed.

The latest gold advance was predicted on www.clivemaund.com and on the 20th December a buy alert for gold silver and Precious Metals stocks was posted on the site.

More follows for subscribers...

By Clive Maund
CliveMaund.com

© 2007 Clive Maund - The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maunds opinions are his own, and are not a recommendation or an offer to buy or sell securities. No responsibility can be accepted for losses that may result as a consequence of trading on the basis of this analysis.

Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications.

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