Yesterday, despite the decline in gold prices, I said I was still leaning long. Today, gold gave us a little move higher, pushing once more above the $1,200 mark. Silver is struggling with $16 again and still acting a little weaker.
I have to wonder a bit if the commodities bull is turning. I get mixed signals because I see gold mining stocks perking up, but energy plays kind of slacking now. With the overall market down today, and not much data to go on, what direction will be take?
I am still overall in the deflation camp and my best indicator right now for those who want to be long gold is to look at the dollar and see if we get a move below 97 and shake out some of the bullishness in other markets.
I hit most of the markets with my analysis below, so read that for further comments today. I think you’ll get a good feel for where I am with my present thinking on gold and silver as well as the rest of the markets I follow daily.
Free Sample of ETF Research Trading Service
Those who are utilizing my ETF Research Trading Service are in a good position to take advantage of the next move after having a good ride in many of the recommended ETFs. Yes, I have to plug it, but it is because I believe in it and how it can help traders. I have given you another free sample of the service, but you have to click the link in the first sentence of this paragraph to see it. It is not delayed data but from today.
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About Doug EberhardtDoug 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.