Gold and silver continued lower today with gold reaching a 4 week low. The dollar was down, then up and a little down by the close and metals market is a little confused right now. We sold out of all of our short gold positions today as we await the words of Janet Yellen tomorrow from where she is speaking at Jackson Hole, Wyoming. What do I expect from her? The same old “talk” about raising rates and sooner or later the market is going to wake up to her just mouthing words of a higher rate coming and decide to head south.
The data did come in well today with durable goods and jobs but we’ll have to wait and see if the Fed actually follows through in September with the rate hike. It would kill the economy, not help it at this point. See December 2015 and the stock market aftermath.
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
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.