UPDATE: Ok, I made a prediction a couple of days ago that gold will go up, as it took a beating and was poised to go up. 2 days later it went up by $30.00 per ounce (approx) which means I made a nice little bit of extra cash and did it quick. I don't usually trade gold so now I'll get out (runs off down the pub) and withdraw my recommendation. I still think Gold will go up in the long term from where it is now, but for my interests and strategies I'd rather sit on on the sidelines for a while and wait till it cops another hammering and make a decision then.
Do you think it will go up or down? (I think it will recover from here in the short term, but thats just my opinion) so what do we do? If you DO think it will go up consider buying some gold, or the shares that have taken an almighty beating because of the gold price drop, if you have access to the australian markets BHP, Newcrest Mining NCM and Fortescue Mining FMG have taken some huge hits.
Also Oil, and Iron Ore, Silver and many minerals have copped what we Australians' call a 'flogging' . Here's some home work for you, check out the share prices companies that mine/distribute/resell oil, gold, ore etc... and look at how they are doing in the sense of where they are for the year, last few months and last few years.
In my opinion there are some bargains going begging. Go have a look!!!
This is the gold chart from today , covering 2007-2015 where it finished on around 1050 per ounce. In all honesty it could go lower but I don't think the downside risk is much bigger than the upside gain, but thats a choice for each individual investor, i'll be taking a short term position on gold ;)
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