As we have mentioned previously, the latter part of last year and the beginning of this one have seen the gold market take on a life of it's own, irrespective of the gyrations in other markets. This is probably an indication of the mainstream beginning to recognise abnormal credit conditions and seeking safety.
The gold price has leapt up towards the phsycological $1,000 an ounce level, that it appears destined to touch, if not surpass, during 2008. Over the next few weeks, if the price sustains levels above $920 - $930, we could see a pause then a natural reaction to the $850 level. We would advocate a holding position at the current price as there can be no doubt that this market is in a strong bull phase.
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