25
Jun

Is Gold Ready To Break $1,300? How About $1,400?

I had been writing in the last couple weeks that we would be turning the corner higher in metals after the Fed and for this week we did move higher in metals and miners. This should continue but there are still some bumps in the rode unless we get gold over 1260 and silver over 16.80 and preferably 17. We have gold up 1.80 to 1257.10 and silver up 2 cents to 16.70 now in early Asian trading. Until we break those marks we could still see one more trip lower but it will be because the dollar and USD/JPY have one more trip higher, so still watch those. We can’t let the USD/JPY get back over 111.78. A break of 111.50 and it looks like it might. On the downside we need to first break 111.15.

You can see in the chart below exactly where we are zooming out a couple months. That’s why a tick over 1260 and the move higher to 1300 should kick in. We’ll judge if 1400 is within reach soon enough. Look at that nice 5 year chart though and you can see an opportunity knocking to lock in some gold bulls who think we’ll just head back up to over 1900 again in what we’ll call another gold bull trap (that’s what I would do if I was capable to do so as a market maker). But that’s when what I have written about in a deflationary credit contraction will kick in. That’s when I’ll be saying; watch out below. I know it’s difficult for some of you to imagine this, but those of you who have followed me a long time, know I call the ups and downs pretty good and the reason I wrote my book Illusions of Wealth is to help investors see what I see. I present the data and you decide. Simple as that as an informed investor makes good decisions.

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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

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