NEW YORK (TheStreet) -- As was the case Friday afternoon, spot gold prices have been basically flat; but gold strategists continue to believe that the yellow metal will break above a level of resistance soon.
"Gold, relatively speaking, is actually a very small market, so it doesn't take that much money to bring it higher," Yu-Dee Chang, chief principal at ACE Investment Strategists said. "If people are buying gold the way they're buying currencies, the way they were buying stocks back in the 90s, gold should really rise a lot."
Chang went onto to say that gold may have experienced a spike in attention for hitting its all-time high of $1,300 last week -- but that high is just in absolute terms. "If you look at gold on an inflation-adjusted basis, gold's record high was really around $2,800 back in 1980 on an inflation-adjusted basis. So on an inflation-adjusted basis, we're nowhere near that high. We've got a lot of room."
On Monday afternoon, the precious metals complex was lackluster.
New York spot gold prices were trading sideways at $1,296.10 an ounce.
were flat at $21.47 an ounce.
New York spot platinum prices were down $8, or 0.5%, to $1,631 an ounce, while its sister metal was heading lower.
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New York spot palladium prices were falling by $9, or 1.6%, to $548 an ounce.
A group of mining stocks and precious metals ETFs were trading in mixed territory Monday afternoon. Mining stocks offer another form of exposure to precious metals.
was falling 1.1% to $18.78 while
was tumbling 1.1% to $45.85.
Stillwater Mining Company
was rising 2.5% to $17.01.
SPDR Gold Trust ETF
was flat at $126.70 and
ETFS Physical Palladium Shares
was 1.8% lower to $54.93.
-- Written by Andrea Tse in New York.
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>>Spot Metals Roundup, 09/22: Spot Gold Prices Continue to Shine
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