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The gold markets had a very quiet session on Wednesday as the bulls took a rest from the massive buying that we've seen over the last three weeks. We still believe in the goal rally, and at this point in time are willing to buy pullbacks when they show support. We see support at the $1740 level, as well as the $1700 level and of course the $1650 level.
We are buying gold futures, as well as the ETF called GLD. This ETF gives you exposure to the gold markets without much of the volatility the futures can bring. This allows us to keep the long-term core position in gold while entering and exiting the futures markets at will. We think that there is no reason that gold won't continue to climb with a world full of central bank easing, and as such we are not selling.