The sell off that has created numerous opportunities to buy over the last few weeks could be about to come to a screeching halt, with prices set to rise according to one industry expert. Brokerage founder Carley Garner says the sell off has left gold seriously undervalued, creating a strong incentive to buy for investors who have their eyes on the longer term prices rises that are sitting on the horizon.
Garner said, “Some large speculators are close to being net short, which is you don’t see very often in gold. When you do see that sort of thing, it’s usually a sign that most of the pain, the downside pain has run its course.”
Garner says this coincides with the traditionally slower summer period for the U.S. dollar, which has started to fall from last week’s highs. Gold is currently trading around a key support level of £1,408 ($1,700) making a very attractive prospect for anyone ready to buy and then sit back and watch their investment gather value over the coming years.
Don’t delay. Add gold to your portfolio today.