This from Rick Ackerman this morning:

December Gold has sold off mildly so far after peaking within inches of a 1074.50 rally target drum-rolled here a while ago. We see little reason for concern, since the futures would need to fall all the way to 983.10 to create room on the daily chart for doubts. Actually, we’d view any pullback into the range 1057 (already achieved) – 1019 as a terrific buying opportunity, since it would take only a $20 booster rally thereafter to set gold in motion toward the next key threshold, 1134. The dollar’s bearish chart would seem to corroborate a bullish outlook for gold.

If you are serious about investing, Rick's newsletter is well worth the time.



Dollar to Hit 50 Yen, Cease as Reserve, Sumitomo Says
Bloomberg -Oct. 15 (Bloomberg) -- The dollar may drop to 50 yen next year and eventually lose its role as the global reserve currency, Sumitomo Mitsui Banking Corp.’s chief strategist said, citing trading patterns and a likely double dip in the U.S. economy.

“The U.S. economy will deteriorate into 2011 as the effects of excess consumption and the financial bubble linger,” said Daisuke Uno at Sumitomo Mitsui, a unit of Japan’s third- biggest bank. “The dollar’s fall won’t stop until there’s a change to the global currency system.”

I don't have to tell you what this means to the future gold price. This just reinforces what I have always said. The best time to buy gold is WHEN YOU HAVE THE MONEY!