Gold Rebounding; Futures Higher

Gold is finally rebounding a bit here, up $50 to $1645, after the worst bout of selling in the precious metal since 2008. Silver is bouncing back even harder up over 4% to $31.30. I covered my shorts early yesterday precisely in anticipation of support around $1600. I would be more inclined to short this bounce than buy the decline, but the easy money's already been made. I expect to see $1500 before $1800, but it won't be straight down. If you read my blog you know I'm bullish on gold long-term. That's why I own the Spyder Gold Trust ETF (GLD) for the Free Market Capitalist Portfolio. Trends always tend to go a little further than most expect so we may see lower than $1500, but that's where I'll start buying for the FMC Portfolio, and myself. I'll be buying silver more aggressively than gold as I think silver easily doubles here over the next year, gold may see a respectable but more modest 20-30% rise. Futures are slightly higher in Asia and with a "fix" on the way in the Euro zone, we may see some more upside in equities these next few days.