Pulieri on Gold Breaking New Highs May 19, 2010Posted by Admin in Market Commentary.
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Market Commentary from
Anthony Pulieri, Chief Investment Strategist for Joseph Glenn Commodities
We have seen Gold prices continue to surge higher to all time highs into the end of last week trying to push through 1250/oz. I discussed a new high was coming in gold on my last post which we saw with relative ease. We are seeing a little bit of a pullback on gold which is healthy for a bull market. This consolidation is very short term. Smart investors will snap up large quantities of gold at these levels as it starts to retest its highs in the coming weeks.
I believe stocks will continue to pull back as I discussed 2 weeks ago. I think 9000 on the DOW is coming and from there you could see 8400 to the downside. Most of the buying in the recent stock market rally has been on light volume over the last year and now were seeing an absence of faith in the U.S. markets. Steer clear as another trillion dollars is the number for the most recent bailout in Europe. They are following right in the United States shoes which is a recipe for disaster. This is just the beginning. As we have seen in America just one bailout is never enough. Look at the list of bailouts from TAF, TALF, FHA, CPFF, AIG, TARP and the list goes on and on. Over 11 trillion dollars has been committed. The question is: How many more bailouts will Europe need?
Editor’s Note: Stay tuned to The Mangru Report to view market commentaries from Anthony Pulieri. For more information on Mr. Pulieri and Joseph Glenn Commodities please visit www.jgcommodities.com