Gold News

Gold buying season 'is well underway'

The editor and publisher of a respected monthly investment newsletter has explained today (September 24th) that the season for investing in gold is underway.

Donald Dony, who produces 'Technical Speculator', believes that the current economic conditions are favourable for anyone contemplating making a gold investment.

In addition, Mr. Dony, who is Canada's only Master of Financial Technical Analysis, believes that gains can be made in the long-term as well as the short-term.

He told Canoe Money: "Moving forward, gold has several pluses on its side now. With the combination of seasonal buying pressure from India wedding jewelry demand and a declining US dollar, gold should begin to advance up to resistance at $950-$960 by year-end."

Mr. Doni's sentiments have also been echoed by Afshin Nabavi, head of trading at New York-based MKS Finance, who explained that further turmoil in the financial markets will push gold prices higher.

He added: "If we hear any more horror stories about mega names being in trouble, people will still want to buy (gold) as a haven. We are heading for $1,000 again."

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