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Charts Predict: Gold at $1,500, Nikkei to Rally to 10,500
CNBC
Monday, Dec 15, 2008
Gold has reached a good base of $730 and it looks likely to break
out of that negative trend, Robin Griffiths, technical analyst
at Cazenove Capital, told CNBC.
Griffiths sees the precious metal heading toward $1,500 in the
next 12 months.
Gold has been in a prime uptrend for a couple of years, but for
the last six months it has been falling back from $1,000 to $730.
Griffiths also noted that the Nikkei 225 Average found a base
recently, and said the index is due to rally to 10,500 before
the end of 2008.
(ARTICLE CONTINUES BELOW)
The British pound is likely to reach parity with the euro by
the end of the year, while the pound likely to go down to $1.40
against the dollar, Griffiths predicted.
"The currencies that look very strong are partly the euro,
but also the yen," Griffiths said.
"Cash doesn't give you a return, at the moment not one worth
having, so the negative about gold has gone away," he said.
"It does traditionally preserve value both in panicky inflationary
times and deflationary times."
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INFOWARS:
BECAUSE THERE'S A WAR ON FOR YOUR MIND
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