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Gold – to sell or not to sell?
As gold prices reach an all time high, Kipp wants to know if you are selling your gold yet?
November 1, 2010 8:12 by Eva Fernandes
Kipp made the unfortunate mistake of going shopping for shiny gold trinkets this weekend and was surprised to find nearly every gold shop packed. From one end of the store to the other, standing shoulder to shoulder, were salesmen and customers. Tired of being pushed and shoved about, we walked away till we saw ‘Special Diwali Offer’ printed over a couple of leaflets and then everything became a lot clearer. An evening out in Dubai’s gold scene, though stifling, highlights an important trend: despite the woeful economic times, people in Dubai are still buying and selling gold.
A report in Emirates 24/7 today says experts advise against selling gold, despite the precious metal reaching an all-time high of $1,387 an ounce, because they still see potential in the market. Zeki Muderrisoglu, fund manager and senior technical analyst at Asset Management Group at National Bank of Abu Dhabi says, “Looking at long-term charts, we can clearly see the uptrend in gold (…) If we analyse previous corrections [in gold price], we notice that there were around 22 months between peaks. Adding this to the last peak gives us some time around October 2011 as the next possible peak date according to cycle analysis.”
With prices of gold rising higher than property or bonds, Kipp wants to know are you investing in gold, or are you considering cashing in?