Gold prices have not shot up dramatically on heightened geopolitical tensions instead, they’ve been steadily rising and to longtime investor John Doody, this is a good sign. ‘It’s not going up like a rocket, which is good.
I think a steady progression higher is exactly what the metal needs,’ he told Kitco News Friday. ‘$1,900 gold was an overshoot, there were too many speculators in the party and gold proved to be unstable at that price.’
Now that gold is trading above $1,300 an ounce, the Gold Stock Analyst founder said mining companies are better positioned to profit investors. ’It’s good to see companies re-establishing and raising dividends. We don’t need gold to be a good speculation, we need it to be a good investment.’
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