Technical Analyst Peter Lee of UBS Talks Gold & Silver
- Posted by JC Parets
- on August 4th, 2011
Peter Lee over at UBS talks Gold & Silver with Jeff Macke on my favorite new show Breakout on Yahoo Finance:
Gold is headed higher,” Lee says. “Gold is a great call. We don’t think it’s speculative at these current levels.” Discounting for inflation Lee sees the most precious of metals heading into the $2,000’s.
Touching on Silver, Lee sees it consolidating its multi-year move in a range from the mid-30’s to low-40’s. He says these are your levels to watch for a short-term trade. But the long term outlook is for a big move higher, that eventually sees silver prices climbing to $100/oz. For patient investors just buy it now as far as Peter Lee is concerned.
Lee’s bottom line: Buy gold on dips, or just about any day. Don’t bother making it complicated by trying to do so in non-dollar denominated currencies (e.g. buying gold in Euros as a bet that the Euro will drop faster than the dollar). Buy the SPDR Gold Shares etf ($GLD) for the liquidity.
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J.C. Parets is the Founder & President of Eagle Bay Capital, LLC. He is a 10-year veteran and Market Technician who actively manages money incorporating Technical Analysis and Behavioral Finance into his practice. JC’s work has been featured regularly on CNBC, Fox Business, Bloomberg, Business News Network, Wall Street Journal and Yahoo Finance among many other financial media outlets. More...
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