Where is the Gold Price Headed After $600US?

The gold price for June delivery rose to a high of $601.90 in electronic trading Thursday morning, the highest price since January 1981. The contract closed at $599.70, up $7.20 for the session.

So where is the gold price heading from here now that it has reached the $600US level.

We can expect some resistance at this round number level as was the case when the gold price reached $400 and $500.

However, don't be fooled by many in the main stream media or by friends and family who would have you sell your hoard of gold coins and bars at this level. The gold price has not even begun to get started when you consider that the previous high in 2006 inflation adjusted dollars is around $2200.

Lets take a look at what some well regarded experts on gold have to say about where gold is headed from the $600US level.

Bill Murphy of the Gold Anti Trust Action Committee and author of the gold commentary website lemetropolecafe.com says to understand where the gold price is headed from $600 and why, you must deal with where gold has been and why:

"If you don’t deal with the manipulation issue and how gold was ARTIFICIALLY suppressed for many years by The Gold Cartel, it makes it much harder to understand why the price will soar from here. Gold is JUST getting back to the price where it should have been many years ago. Most of the clueless in the mainstream gold world and on Planet Wall Street think $600 is a high price for gold, when it is pitifully LOW!"

Dan Norcini who writes for Jim Sinclairs website jsmineset.com has suggested that the gold price could be heading over $600 in the near future. Norcini points out a possible break away gap at the end of March, which may have marked the start of a strong upward leg in the gold price. See the gold price comex futures charts below:Dan Norcini suggests that a bullish pennant formation can be viewed in the gold price chart below, which indicates a potential gold price target of $625-$630 or $650.James Turk the Founder of GoldMoney.com, (where you can buy gold and silver online at very low premiums and sell gold or silver at any time at the current spot price), reminds us what happened from March 20 to April 24 in 1987:

“ The price of silver nearly doubled. Will history repeat? If it does, the silver price would be $17.83 at the close of trading on April 24 th. Is that possible? Of course it is – it would just be replicating the gain of that magnitude that already happened in 1987. Will it happen? Well, there’s the rub – no one knows. But it never hurts to focus on what ‘could be’ to keep us on the right side of the trend, which is clearly up for both gold and silver.”