By Peter Brimelow, MarketWatch
NEW YORK (MarketWatch) — Gold, like every other asset market, turned in a terrifyingly volatile performance last week. But it managed to close up more than 3%, at a new record high of $910.50. And the gold bugs are still confident.
The great $US 5×3 point and figure chart supplied to the public free by Australia’s gold Web site The Privateer reversed a mid-week downturn and broke into new high ground. On the basis of the past eight years, gold looks like going a lot higher.
This is very much the opinion of James Turk, a veteran gold bug, who in this weekend’s issue of his Freemarket Gold&Money Report said: “Moves into new all-time high ground tend to be explosive, which describes gold’s current position.”
Turk then repeated his comment from the previous weekend’s issue:
“In other words, anything can happen from here, including a rocket shot to $1,000 over the next few weeks, which I consider to be a very good probability. We already have lift-off. Get ready for the rocket shot.”
