Barry says:
Yes absolutely.
It rises and falls on a daily basis – in fact the gold market is very volatile which is why I always tell you to buy on dips if you can. Easier said than done, I know. Since 1999 I have seen at least a dozen occasions when the price has fallen by more than 10% and two occasions when it has fallen by more than 20%. If you are a gold collector get used to it – it is a very small market and quite volatile in the short-term. Of course we are in it for the long-term.
In April 2013 we saw a typical gold correction. is this the end if the gold bull market? No one knows but I believe that everyone should hold ten percent of their savings in physical gold as insurance against the collapse of paper currencies. For me, this latest drop is just another chance to but at lower prices.
here’s a tip: check the value of your gold every six months, not every six minutes and remember, the most important thing is to have taken a good position BEFORE the price rockets when the mania stage kicks in. If you are not “all in” treat all dips as buying opportunities. Today we have seen a good drop in the gold price so if you have been waiting this might be the dip you have been waiting for. It is always good to buy on Monday and see a profit the following Friday but unless you are a trader, the daily, the weekly and the monthly fluctuations are of no interest to you.
Just look at the ten year gold price on my site to see what I mean. Gold is a long term insurance policy.
