Gold and silver were up and down today and are now in a range between $1,200 and $1,215 waiting for a breakout one way or the other. The dollar is stuck below 97 and so as long as it stays below 97 we have to lean long gold. Over 97 and lean short gold. It’s 96.78 right now.
Silver took the day off from excitement.
Gold is presently $1,210 and up 1.80 in Asian trading. The Fed minutes release today did nothing for gold and we have a few things going against it right now. 1. The stock market is rising. 2. Fear via the VIX is declining.
Yet we still are a little perky with the move up in gold and the sharp downturn of $35 was bought up by those who are looking to go long gold. Goldman Sachs may have come out and say that gold is going lower and you know what I think, but it won’t be a straight drop lower. Gold could actually break a little higher even up to $1,300 if the dollar were to break down more. It’s a tough call either way right now on a micro level.
Remember, my book coming out is hopefully timed with the market moving higher and gold not yet at the lows. The book is off to the editor, finally, tomorrow. Will be available soon but since it has been 6 years since my last book I honestly don’t remember how long the editor takes and the process to get it out but I imagine a couple weeks.
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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.