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Gold Jumps As Citi Says Gold Sell Off Over, Reiterates $2400 Target

Posted By yihan On January 4, 2012 @ 8:31 am In World News | Comments Disabled

Zero Hedge [1]
Wednesday, January 4, 2012

Wondering why gold has moved by over $20 in the last few minues? Wonder no more – according to a note just released by Citi analyst Tom Fitzpatrick, the gold correction “has run its course and a rally is now back on the cards.” Granted it is not all smooth sailing – “Gold may drop to $1,550 before turning”, but when the turn comes, Fitzpatrick sees it as going all the way up to $2,400. He has the following technical observations: “Only a weekly close below $1,535/oz means corrections may be deeper.” The result can be seen on the chart below. Incidentally this is a 1:24 scale replica of what will happen once the Fed and ECB proceed with the only logical step which is doing what they do best. Unless, of course, the plan is to have a modest war in the middle east to distract everyone from the economy. Because we have never seen that movie before.

Gold Jumps As Citi Says Gold Sell Off Over, Reiterates $2400 Target Gold%20Citi [2]


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URL to article: http://www.prisonplanet.com/gold-jumps-as-citi-says-gold-sell-off-over-reiterates-2400-target.html

URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/news/gold-jumps-citi-says-gold-sell-over-reiterates-2400-target

[2] Image: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/12/Gold%20Citi.jpg

[3] Italy’s 2400 tons of gold: Real target of ‘IMF terrorists’?: http://www.prisonplanet.com/italys-2400-tons-of-gold-real-target-of-imf-terrorists.html

[4] Citi: China Sold Their Treasuries Because They Want To Buy Tons Of Gold: http://www.prisonplanet.com/citi-china-sold-their-treasuries-because-they-want-to-buy-tons-of-gold.html

[5] Citi Predicts Gold At $3400 In “The Next Two Years”, Potential For Move As High As $6000: http://www.prisonplanet.com/citi-predicts-gold-at-3400-in-the-next-two-years-potential-for-move-as-high-as-6000.html

[6] Gold Tumbles As IMF Reaffirms Plan To Sell 191.3 Metric Tons Of Gold Over Time in Phased “On-Market” Gold Sales: http://www.prisonplanet.com/gold-tumbles-as-imf-reaffirms-plan-to-sell-191-3-metric-tons-of-gold-over-time-in-phased-on-market-gold-sales.html

[7] The Portuguese Run Out Of Gold To Sell: http://www.prisonplanet.com/the-portuguese-run-out-of-gold-to-sell.html

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