Gold News

Buy Gold as the dollar is about to plummet, says Schmidt

Ned W Schmidt championed the value of Gold Investment yesterday (May 11th) by suggesting that the dollar is about to "go into free-fall".

Writing on MarketOracle.com, he compiled a median index based on the movement of the greenback against other major currencies since November 2006.

Assessing the chart, Mr. Schmidt - publisher of the weekly Trading Thoughts and monthly The Value View Gold Report - described the next few months as "ominous" for the dollar.

He wrote: "A new low in that dollar index translates into a US dollar price of gold of more than $1,100.

"Gold bugs may indeed have a joyous holiday season this year, brought to you by the Obama regime's destruction of the dollar."

Those comments were echoed last week by Jeffrey Rhodes, a Dubai-based trader for International Assets Holding Corporation, who also has a bullish view on Gold Investment.

He explained that if key resistance levels of support at about $950 per ounce or $960 per ounce can be broken for good, gold prices could be "off to the races".

"A number that would get everyone very excited would be $1,005 an ounce," he told Bloomberg.

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