In yesterday’s Current Thoughts I said; “If dollar moves up, gold should go down and vice versa..”
Today we had the dollar fall hard and gold finally moved past 1238 but fell back to the 1236 range by end of day. Silver moved up higher again today also.
Gold should be up $20 more than where it is right now and I think has the ability to do so now.
The USD/JPY is also falling apart a bit and that should boost metals too.
It may be a better indicator than the dollar at present, but I watch both.
Still it is a snails pace for gold buyers simply because of so much faith in the stock market but 3 out of the 4 biggies were lower today; AAPL, FB, NFLX with only AMZN positive. Are we setting up for that market fall?
Either way we did quite well in our ETF Trading Service with our buys on Thursday and Friday of last week that we sold 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.