Where is the price of gold headed?
If I knew that, I would be rich.
Traders would almost kill for such information.
But no matter how much anyone knows, there is always a huge bit of guessing when it comes to forecasting where the price will end up in any specified period of time.
The Kitco website is apparently trying to take a little bit of this guesswork out of the equation. It has begun a weekly survey of reader opinion.
It asks, “What is your sentiment towards gold next week?”
The choices of response are bullish, bearish and neutral, which of course, translate to up, down and sideways.
If participants always vote bullish because they own the precious metal and they believe long-term that gold can only go higher, the survey will quickly lose relevance.
However, if they vote their sense of momentum as well as the economic and market conditions they see around them, the survey could become a valuable tool for all market participants.
The Kitco website says survey voters will have until 9 a.m. Eastern Time on Fridays to cast their electronic ballots.
The results will be released at noon Eastern Time the same day. They will accompany the results of the Kitco market professional survey.
Kitco urges the widest possible participation.
“Be a part of Wall Street vs. Main Street today!” says the website.
If visitors to the site are also feeling they would like to elaborate on their vote, they can send comments to firstname.lastname@example.org.
These comments could be incorporated in the news story about the survey results.
Visit the Kitco website for details at:
Buzz blogger Dave Harper is winner of the 2014 Numismatic Literary Guild Award for Best Blog and is editor of the weekly newspaper "Numismatic News."