KITCO NEWS — Despite gold’s stellar performance last week, one market strategist says investors may have already missed their shot to get into the market — at least for now. Goldman Sachs analysts urged investors on Tuesday to short the metal. ‘Gold is the type of market that punishes people severely for being late to the party,’ says Carley Garner, co-founder of DeCarley Trading, in an interview with Kitco News. However, she says she remains bullish over the longer term and suggests investors remain patient. ‘I believe gold has the potential to see $1,450 or $1,500 maybe within the next 6 months to a year. There’s still some upward potential,’ she says. After hitting a 12-month high on Thursday, April Comex gold futures managed to fall back 4%, settling Tuesday’s session down $31.20 at $1,208.20 an ounce. She cites the $1,100 to $1,150 area as a potential price point for investors to get comfortable on the long side. ‘I think sentiment has changed enough that the market should go into a ‘be bullish on the dips mentality’ but the dips will be pretty large,’ she warns. ‘You have to keep in mind that gold is extremely speculative in nature. The value that the market puts on it is more perception than reality, in most cases, and so it tends to overdo things.’
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