Gold Price Going Down Further

During the early morning hours the price for gold showed continued weakness. As of 10:15 am, the price for gold was $1,351.34 per ounce. That means gold has lost about $17 today. Gold is currently trading about $58 below it's most recent highest ever of $1,409.80 on November 8, 2010. While the gold price is down 2% for the last 30 days, Gold is still 20% up for the year.

Update:

At 10:06 pm, the price for gold was $1,335.39. That means the price slipped further during the afternoon trading, but is trading above the low for the day which was $1332.17 per ounce.

Update November 17:

Gold starts to move up again. During early morning trading on Wednesday, November 17 at 10:48 am the gold price was $1,343.03 and trending up.

Update November 17:

At 1:29 pm the price for gold was $1,336.66 per ounce.

At 3:56 pm the gold price was $1,335.9.

On the chart below you can see that the last days corrections did not break the trend. The trend for gold is still pointing up nicely.

[caption id="attachment_12312" align="aligncenter" width="478" caption="Gold Price Chart 2010, courtesy of kitco.com"][/caption]

Based on all that, gold is still a good investment. The entry just got a little easier for now. If you are on the fence of investing in gold or buying gold coins, now seems to be an ideal time to actually get started. The best time to invest is within an uptrend, while a price correction is going on. It is doubtful that this correction will last long.