Gold is Overbought: Time to Short Barrick?

January 27, 2009

Currently Gold, trading at a spot price of $896/oz, is 3.3% above its normal trading range. Birinyi Associates classifies it as being "overbought" and while it might not be a sell we would advise clients and readers that they not buy until it returns to the normal range. In a note picked up by Bloomberg yesterday, clients were advised of the situation, and that Barrick Gold (ABX) was an intriguing short opportunity as it was also overbought. Click here for the Bloomberg write-up.

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