Money Morning Contributing Editor Peter Krauth yesterday (Monday) warned readers that a debt-ceiling deal could spark a short-term drop in gold prices, creating a key chance to stock up on the yellow metal.
As you may have noticed, he was dead on - but what he didn't foresee was that gold prices would bounce back as quickly as they did.
Krauth expected a rebound, no doubt. But when investors delved into the details of the feeble agreement conjured up by President Barack Obama and Congressional leaders, gold resumed its upward trajectory at a rate that eclipsed what even Krauth, a noted gold bull, had anticipated.
Gold futures slipped as much as 1.5% yesterday morning as news broke that a deal to raise the debt ceiling by up to $2.4 trillion was taking shape. But gold for December delivery bounced back enough to close the day down just 0.55% at $1,622.30 an ounce."
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