Wednesday, May 6, 2009

Today in Gold: Wednesday, May 6

Each weekday, Cash4Gold will troll through the web's gold banter and post some of the bigger or more interesting stories. Following is a run-down of today's features:

"The Gold Price is Creeping and the Silver Price is Leaping Up"

Main Points: Gold nudged up $6.80 to end the session at $910.50 an ounce today. While stocks were up, the dollar weakened, thereby driving the gold rally.

GoldPrice believes the yellow metal still has a shot at $1,000 an ounce, saying, "Ultimately gold must pass 967, the March intraday high, to set up for another attack on $1,000.00."

Analysis: Eh. We've heard this before. Anyone with a stake in gold is bullish on the investment. Anyone without bias is either unsure, predicting little change, or expecting a significant drop in the near future.

Don't wait around for the next increase to $1,000 an ounce. If you own gold jewelry and you need money, there is no reason to risk another drop.

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