We’ve got mixed signals in gold and silver right now. Part of those mixed signals come from the fact that we are bearish the micro move still in an overall bull move in metals. Gold and silver can still move down to the $1,240-$1,250 area and from there I would be making some purchases (anything below $1,250).
Part of the reason as you know is the USD/JPY still trying to break higher. It hit 114.50 this week and fell back to 11.39 and has now bounced again to 113.97. The top for this run is 115.70 at the most and somewhere under that should coincide with the last smack down in gold.
The stock market is still showing strength as well as the dollar and now interest rates seem to be rising again and fear is still non-existent. None of this is what the gold bull wants to hear. Couple that with no noise out of North Korea and there isn’t much to be happy about. But all that will change here in the next couple weeks I think.
Doug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. The book; “Buy Gold and Silver Safely” is available by clicking here Contact phone number for Buy Gold and Silver Safely is 888-604-6534
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