Gold still consolidating before blast off. Today I have to laugh at its reaction to the market decline and increase in volatility, as well as its response to the dollar and USD/JPY. Market makers simply took gold down early and kept it down even though it tried to break up for a bit. Still need to get over $1,250 then $1,260 and we are off to the races. Would like to see it come very soon here.
The dollar is screaming for gold’s attention. Our target for the dollar is 93.05 and below that, gold will take off to $1,300 and then $1,400. The inverse relationship of gold and the dollar will return soon. Maybe tonight.
Meanwhile; the stock market. These faces say it all. Money will eventually flow to gold for a bit.
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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