Gold and silver struggled to stay up in the morning and I was bullish on them most of the day as we finally got a good trade higher in JNUG and NUGT in the trading room over at Seeking Alpha. U.S. dollar was up, then down and gold responded to it a hair. Currently it is higher in Asia.
We should get a bounce now that we have hit lower lows. This is normal reaction to such a beatdown, but I am full expecting after this bounce to once again hit lower lows and test the $1,000 mark. The dollar at the same time should break the 100 mark as problems in Europe seem to be getting worse and worse and the data hasn’t even come out yet.
While we did get a tick higher in CPI, it is nothing to get excited about. Oil had rebounded and as it moved higher it brought up the index. Now it is lower. Next reading will affect that as my article I recently wrote did too.
The interview with Avi Gilburt went great today and I hope many of you got to listen to it. I will post it here and make an announcement on the main blog when it becomes available.
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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.