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I'm still bullish gold in the near term.
Here's what Chief Editor Neils Christensen said in this his Kitco Weekly Gold Survey:
"Richard Baker, creator of the Eureka Gold Miner's Report, said he is bullish on gold as the U.S. continues to inch closer to a government default the longer the debt limit debate goes on. He added that this uncertainty will continue to support gold, similar to what happened in 2011.
'We've seen this Congressional kabuki dance before - the 2011 U.S. debt crisis drove gold prices to a new record,' he said. 'Congress must raise or suspend the debt limit to avoid market calamity, but both sides of the debate remain intransigent. If cooler heads prevail and a default is avoided, gold prices could quickly fall back to earth. In the meantime, I standby last week's prediction that gold could reach or possibly surpass $2,450 in the coming weeks.'
My contrarian vote was a move up to $2,080 sometime next week.
Comex gold futures are presently $2024.80 for June.
On a closing basis, Thursday gold inched out April's high of $2,055.30 (4/13) by 40 cents touching $2,055.70
Rock on Miners!
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