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.”