From the Trading Desk The precious metals aren’t doing much as market participants already seem to be checked out with attention focused on the holidays. At time of writing, volume on the Comex exchange for gold is at a paltry 65,000 contracts and the yellow metal has traded in an unimpressive $7 range today. There was a brief moment of …
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21
2015
Current Thoughts for 12/21/2015
By: Doug Eberhardt
Category: Current Thoughts on Gold and Silver
Tags: 2016, all in, down, Gold, higher, holiday, resistance, year
My leaning long in gold and silver got us higher prices in the metals today but they couldn’t break past the 1083-1085 resistance level I see. Tomorrow it’s do or die time once again for the metals. The dollar lower has helped gold and is still a trend that is intact. But we should have our answers on whether we …
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20
2015
We got exactly what we wanted on Friday as I called in the ETF Leveraged Trading Service I run over at Seeking Alpha that I lean long gold and gave the price I thought one should be a buyer long. As it turned out JNUG and NUGT got many of us good profit on Friday. We also played UVXY long …
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17
2015
From the Trading Desk As expected, the Federal Reserve raised its benchmark interest rate for the first time in nearly a decade yesterday. The commentary associated with the rate hike was moderately dovish though. Future increases will likely be made slowly and the Fed will consider the overall strength of the economy as well as inflationary concerns. Nevertheless, the interest …
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16
2015
Current Thoughts for 12/16/2015
By: Doug Eberhardt
Category: Current Thoughts on Gold and Silver
Tags: bank of america, Banks, citibank, CNBC, deposit rate, fed, Gold, Goldman Sachs, industrial production, jnug, mandate, nugt, Prime Rate, raise, rates, Unemployment, Wells Fargo, Yellen
Fed raised rates and those are CNBC are happy as can be. All is well in the world and the economy is back on track. Start planning your early retirement and send those grandkids a nice big check because you don’t have to worry about money anymore. DOW was up 222 points and even gold managed to gain today. What …
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15
2015
From the Trading Desk The precious metals are trading in uninspiring ranges so far today and this should not come as much of a surprise. Market participants are trimming positions ahead of the much anticipated FOMC tomorrow, where it is widely expected that the Fed will raise interest rates for the first time in nearly ten years. Given that gold …
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14
2015
Current Thoughts for 12/14/2015
By: Doug Eberhardt
Category: Current Thoughts on Gold and Silver
Tags: $1, 000, Dollar, fed, Gold, Interest rates
I didn’t like the weakness at end of day in gold. Would rather go long when the setup is more clear. I put JDST and DUST on the one to watch list today. Not sure if we get a bounce tomorrow or not with Fed volatility in play but JNUG, NUGT as well as GDXJ and GDX did trigger red on …
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13
2015
The big news on Friday was DWTI finally hit the 200 level which I publicly called in an article Oct. 27th when it was under 110, but also called in my trading room at Seeking Alpha when it was in the 80’s. For those that have followed my trading service from the beginning I called it to 160 once before when it …
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10
2015
From the Trading Desk The euro rallied to its 200 day moving average at $1.103 yesterday, a level it hadn’t approached since early November, but it didn’t have enough steam to break through the technical barrier. It has since backed off this level and has retreated as market participants turn their attention to the expected Fed rate hike in the …
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9
2015
Current Thoughts for 12/09/2015
By: Doug Eberhardt
Category: Current Thoughts on Gold and Silver
Tags: Dollar, DOW, Gold, Illusions of Wealth, oil, resistance, Seeking Alpha, weakness
Crazy day in the markets today as oil was the story early on. The DOW was down then up big then down big and settled lower with oil. What I noticed was the dollar was getting hammered yet gold didn’t take off like I thought it would. I made note of this in the Trading Room over at Seeking Alpha …
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