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Gold buying opportunity: "This is an investor's paradise" - Wealth Management

March 12,2013


iiTrader strategist sees $1,800 bullion price this year if the $1,500 level holds

Gold buying opportunity:

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"Right now, this is an investor's paradise here in gold," iiTrader strategist Bill Baruch tells Yahoo! Finance's "Breakout" show.

"We haven't seen the market since 2011 below $1,500. Right now we're pressing the lows that we've seen on the year and I think it's a great buying opportunity. What you're seeing right now is the equity market is low volatility, slow grind higher -- (that) takes a lot of the luster away from gold. But at the same time, this market has a lot of value. You're seeing premiums in Asia on the market right now as well. There's a lot of shorts in the market below $1,600, and then there's a lot of money managers that have gotten out of gold over the last, say, 12 months. But if this market starts to move, there's a lot of gold bugs, gold bulls, looking to buy and looking to get in this market. ... I think this is a buying opportunity down here. We may flush out a little bit at these levels here, but if we get above $1,600, that's when you want this market to start moving. We could go from $1600 to $1700 in such a hurry that if you're not in this market, you're gonna miss it. ... I don't think we're going to approach $1,900 this year, but if we get momentum above $1,600 ... we can go through $1,700, and my target, I do think that by end of the year we can get up to $1,800. ... If we hold $1,500, we're going to see $1,800 by the end of the year."


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