Kitco posts that gold may remain weak in the near-term due to investors taking on more risk with stocks.
The near-term technical posture of gold remains bearish, which is also keeping buyers scarce. April Comex gold last traded down $4.00 at $1,591.40 an ounce. Spot gold was last quoted down $3.70 at $1,593.00. May Comex silver last traded up $0.045 at $29.03 an ounce.
How long will the technical weakness last? Who knows. If you’re trading for the near-term, you might want to hold off. However, if you’re looking at a gold backed IRA, there is still a lot of upside potential to buying in at these prices.
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