In my last report from Friday What’s Next for Gold and the Markets and Rand Paul’s Epic Speech I wrote the following;
Gold is hitting the bottom of it’s current downturn and is ready for a big move up. We have had some bad days for the stock market the last week and gold mining stocks got hit pretty hard too. But physical gold didn’t even break $1,300 on the downside. It is showing resilience despite most everything else selling off, like stocks and bonds both with the higher rates.
While we may get a reprieve in stocks this week, gold should be moving up faster.
So now what?
I have a sneaking suspicion bullion banks will come in and spoil the fun while the Chinese take a week off to celebrate their New Year. Nice to be able to take a week off to celebrate the New Year isn’t it?
The dollar is close to a double bottom and if it does make a strong move higher, it will hit gold and silver one more time before we FINALLY move over that 1377 area of resistance.
At least I am calling the turns pretty good and typically write something to you when I see a need to. Like now.
The 10 year treasury is also a buy right now as rates should top out here soon and move lower.
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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