We got our first taste that the bull market may not be over yet with gold, at least from the gold mining company shares that rebounded today with the stock market. Gold itself though continued lower but has hit some resistance. Miners all hit bottom and bounced today. Gold should follow miners higher still. Has the potential of one more …
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8
2016
Current Thoughts for 3/8/2016
By: Doug Eberhardt
Category: Current Thoughts on Gold and Silver
Tags: Chinese, commodities, Gold, Goldman Sachs, Jeffrey Currie, silver, support
From the Trading Desk On Friday, US nonfarm payrolls came in at 242,000 for the month of February, widely beating economists’ expectations of 190,000 jobs. The unemployment rate was steady at 4.90% while revised figures showed that 30,000 more jobs were added in December and January than previously reported. The positive labor data should have been negative for gold as …
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7
2016
Current Thoughts for 3/7/2016
By: Doug Eberhardt
Category: Current Thoughts on Gold and Silver
Tags: 10 year, DOW, DUST, fed, Illusions of Wealth, jdst, QE, raise, rates
Today was a topsy turvy day in gold and once again I want to say it seems like we are heading towards the $1,300 mark. I also notice the dollar is weaker giving gold more of a shot in the arm possibly in the weeks to come if the dollar continues lower. This will all be temporary in nature I …
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6
2016
Current Thoughts for 3/6/2016
By: Doug Eberhardt
Category: Current Thoughts on Gold and Silver
Tags: $1, 300, Gold, higher, Stock Market, vix
It sure looks like gold wants to touch that $1,300 mark before it reverses course. We’re up over $6 in Asian trading to $1,266 after hitting a high thus far of $1,269.40. Friday we saw gold higher with a downturn on the dollar which broke below 98 again. The dollar currently is up 12 cents to 97.37. The interesting thing …
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2
2016
For those who may not be aware, I have temporarily suspended my ETF Leveraged Trading Service to work on finishing not just the Illusions of Wealth book but also We the Serfs! book which is a political book I have been working on for 10 years. I had some nice comments after making the announcement which you can read below …
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1
2016
Current Thoughts for 3/1/2016
By: Doug Eberhardt
Category: Current Thoughts on Gold and Silver
Tags: bull, Chinese, demand, Gold, moving average, top
From the Trading Desk In the overnight session, strong Chinese demand caused the Shanghai Gold Exchange arbitrage versus the spot market to move from a $1 discount to a $1 premium. The presence of Chinese buyers lifted gold to challenge $1,250, a figure it has tested, yet failed to close above, on three separate occasions this year. The failure at …
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29
2016
Current Thoughts for 2/29/2016
By: Doug Eberhardt
Category: Current Thoughts on Gold and Silver
Tags: Chinese PMI, fund, managers, manufacturing, silver
Today we saw gold shoot higher with a stronger dollar. There really is only one reason for today’s price action and it was fund managers buying to show their investors they had the hottest asset; gold, the last month in their portfolio. We should see a selloff soon. There is no fundamental reason gold is higher but the VIX did …
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28
2016
Current Thoughts for 2/28/2016
By: Doug Eberhardt
Category: Current Thoughts on Gold and Silver
Tags: $1, 000, bottom, Dollar, Gold, higher, pressure
Gold had a retreat on Friday and broke through some resistance levels falling over $20 before recovering towards the end of the day. In Asian trading we are up $5 presently to $1225.80 continuing the rebound. Part of the reason why we headed lower was the dollar moved up over the 98 mark on the index. We are still over …
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25
2016
Current Thoughts for 2/25/2016
By: Doug Eberhardt
Category: Current Thoughts on Gold and Silver
Tags: Asia, Gold, higher, markets, uvxy, vix
From the Trading Desk US equity weakness at the beginning of yesterday’s trading session caused gold to shoot up over $30. It looked as if it was going to challenge the recent one year high at $1,263 but when equities, oil, and bond yields mounted a surprising rally, gold methodically trended lower as the day’s session came to a close. …
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24
2016
Current Thoughts for 2/24/2016
By: Doug Eberhardt
Category: Current Thoughts on Gold and Silver
Tags: Doug, ETF Leveraged Trading Service, Gold, Seeking Alpha
Gold moved up higher today and then settled off the highs. In fact $14 off the highs signalling a local top might have been reached. I said a few times I expect an overnight smackdown in metals to come sooner than later. Let’s see if I am right. Goldman Sachs would sure love it as they called for gold to …
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