The SPDR Gold Shares ( GLD), the biggest physically backed ETF, shed less than 1 ton, underscoring the lack of conviction from buyers and sellers. David Banister, chief investment strategist at ActiveTradingPartners.com, says predicting where gold and silver will go next is a little tricky right now. "I think it's unlikely that we get any lower than $1,440. My current forecast is actually for that $1,462 to hold." Once gold shakes out this correction, Banister thinks it will attack new highs of $1,625 sometime in the summer. Banister thinks that $1,625 gold means that silver will be at $41/$42 an ounce. Most experts think that gold and silver will continue to find direction from the U.S. dollar. As the currency weakens, metals move higher as they retain more value and inversely when the dollar strengthens, the safe haven assets becomes a less exciting place to stash cash. Despite the fact that the dollar was strong Friday against the euro, gold and silver still rallied on safe haven buying. Gold mining stocks were mixed Friday. Kinross Gold ( KGC) was adding 0.87% at $14.99 while Yamana Gold ( AUY) was down 1.30% to $12.12. Other gold stocks, Agnico-Eagle ( AEM) and Eldorado Gold ( EGO) were trading at $62.80 and $15.77, respectively.
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