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Friday, March 23, 2012
Ira Epstein: Gold Bears 'Remain In Control For The Time Being'
(Kitco News) - Gold may remain weak for at least the
near term, says Ira Epstein, director of the Ira Epstein division of
The Linn Group. Seasonally, gold tends to make a break in early March
that often ends in late March. But whereas the time may be approaching
to be on the lookout for a momentum change, this has not taken place
yet and often doesn’t until early April, Epstein says. “Therefore the
bears remain in control for the time being,” he says. He later adds:
“The economies of Europe and Asia are stumbling. Inflation is not yet
an issue. Iran is not making headlines….While I am not looking for a
sharp decline in gold prices, I am looking for prices to continue to
work lower. Yes they’ll be short-covering bouts from time to time, but
until the trend changes, the trend is down.”
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