Gold fell today to a one month low of $1220.70 while silver settled down 0.7% to $16.77 today as the dollar gained 0.2% the Euro. Europe is still deciding what to do with Greece as it can set a precedent for other countries that are struggling; Italy, Spain and Portugal. My personal opinion is to just let Greece go …
Read MoreFeb
10
2015
From the Trading Desk The absence of any major news headlines has the four major precious metals trading in negative territory today. Volume for the April Comex gold contract is a paltry 77,000 lots, the lowest volume day since becoming the active contract month at the end of January. Gold had a poor technical close last week by closing on …
Read MoreFeb
9
2015
We experienced another mild volatile day in the gold and silver markets but mostly up for the metals and miners. There was no breakout continuation of the trend higher and the metals and miners stayed flat for most of the day. Silver had a little better morning but couldn’t get too far past the $17 mark for any sustaining rally. Look …
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8
2015
After a better than expected jobs report on Friday, both gold and silver took a big hit. I had said in Thursday’s Current Thoughts “Under $1,255 and JDST will be the play.” JDST didn’t disappoint. The higher high came at 8.62 and JDST closed at 8.99. Gold, after trying several times to move past the $1,300 resistance and pulling …
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5
2015
From the Trading Desk Gold is trading lethargically around yesterday’s closing price with traders on the sidelines ahead of tomorrow’s US non-farm payrolls figures. Volume on the electronic exchange was unimpressive with only 105,000 lots trading today. In the European session, the European Central Bank said that it will no longer accept Greek bonds in return for funding. This essentially …
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4
2015
In yesterday’s Current Thoughts I wrote “while I still lean for lower lows for gold, it doesn’t mean that we won’t get a bounce now especially since the dollar took a hit today.” Today we did get the bounce but gold still found resistance trading above, below and now above again the $1,270 level. A break above $1,275 tomorrow and …
Read MoreFeb
3
2015
Gold gapped down double digits today but silver ended up green on the day with a score of +90 now. Was still a volatile day and hard to trade the mining ETFs. Volatility simply means be patient and wait for the trend to develop. If you do trade during these volatile times, be quicker with profit. You might have squeezed …
Read MoreFeb
2
2015
Both gold and silver had up and down days in a somewhat tight range for silver and a little bit wider range for gold. The same can be said for the mining ETFs where if you played higher highs you would have had to keep a stop. These are always tough kind of days to trade but if you took …
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1
2015
What a turnaround for gold and silver on Friday for gold and silver. This is why you should never hold the triple leveraged ETFs for too long and also, more importantly, if you have a 10% move or more higher, take profit. Part of the reason for the move higher in precious metals was the economy grew 2.6% last quarter, …
Read MoreJan
29
2015
From the Trading Desk Yesterday, the FOMC left gold longs feeling exposed and vulnerable. Gold had moved up over $100 on the year and with it failing to maintain momentum over $1,300, the FOMC provided reason enough for traders to exit long positions. The Fed said the US economy is expanding at a “solid pace” and the expectation is that …
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