I expect some type of further correction in the short-term, but still see prices heading higher as China continues manufacturing and supply does not meet demand.
More Quotes from Emanuel Balarie:
Gold at 600 an ounce might be a surprise to many, but these are the same people that were surprised when gold hit 300, when it broke 400 and when it moved to over 500.Emanuel Balarie
The inflation-adjusted number, the finite supply of oil, and the growing demand for oil from one-third of the world's population all point to higher prices.
Emanuel Balarie
As long as oil prices continue to rise and China continues to industrialize, OPEC will be content to sit around and keep production status quo.
Emanuel Balarie
A weaker dollar, continued geopolitical concerns, weak government data, and higher oil prices have all been factors that have pushed gold higher in the last several days.
Emanuel Balarie
In any geopolitical tension environment you're going to have people that are going to take their money away from the market and traditionally they would move it to cash, but I think what they are doing now they are seeing the dollar decline and are deciding to move it into gold, which has been moving higher.
Emanuel Balarie
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