5
Jul

Current Thoughts 7/5/2017

Gold and silver have been in a bottoming process of lat, only delayed by two things; a higher USD/JPY and a thin trading day Monday followed by the holiday and overnight low. But today after there FOMC minutes, we finally had a move in metals and mining stocks alike. The only laggard is silver. I think silver though will lead gold higher on this next leg up.

I am expecting no less than a $100 move on this round in metals and more than likely a move to over $1,400. From there we will have to get more cautious on when the next downturn comes and how severe it might be.

I want to point out that the USD/JPY inverse relationship has been much better of a correlation than gold and the dollar index of late too. This means that the dollar could actually rise with gold for a bit.

Lot’s of data coming out tomorrow like ADP Payroll and Jobs data, and this can dictate short term directions. But we are only talking micro moves.

It’s just a waiting game right now for this bottom to take place. Be patient. And it may have just happened.

 

Go To Buy Gold And Silver Safely Store
About Doug Eberhardt

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

Disclosure:

Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with capital you can’t afford to lose. This is neither a solicitation nor an offer to Purchase/Sell futures or options. No representation is being made that any account will or is likely to achieve gains or losses similar to those discussed in this outlook. The past track record of any trading system or methodology is not necessarily indicative of future results.

All trades, patterns, charts, systems, etc. discussed in this outlook and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author.