KITCO NEWS - Gold has pulled back this Monday as easing tensions between the U.S. and North Korea set prices up for their first loss in four sessions. After coming within striking distance of $1,300 last week, the yellow metal is trading at $1,284.90 an ounce. This marks the third time this year that gold has failed to hit the key psychological level of $1,300 an ounce, leaving many investors frustrated. 'People have expectations for gold and they ignore reality,' said Rick Rule, president and chief executive officer of Sprott U.S. Holdings, when asked about the pullback. 'If you watch gold week by week, you will go crazy and you get poor; if you think about the move in the gold price beginning from the year 2000, gold has performed really well.' He added, 'when people have expectations for it on a weekly basis, they ignore reality and they damage their own purse.' While Rule refrained from making a gold forecast, he said he is more comfortable owning gold than not. 'You just have to have a realistic time frame,' he noted.
This article is commentary by an independent contributor.