The jobs data came out better than expected today and it pushed gold down once again along with silver while the dollar shot up higher. But the dollar was already up nicely overnight with another low in the Pound. It only moved up 10 more cents on the data which I thought was rather weak. Stocks in general didn’t fare well today either. Is something keeping stocks at bay? The answer would be yes; sellers.
Mining stocks also got hit hard and all eyes will be on the jobs data tomorrow for the next move. If the data is good, gold will continue to fall. If the data is bad, gold should have a hefty move higher.
This should sent the trend for the coming few weeks. No matter what I lean for a bounce after such a horrendous smack down for gold and miners. All of my reading tells me this is the case and we’ll just have to wait for the data to confirm tomorrow. If it doesn’t confirm, $1,200 gold is the next support area.
Doug 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
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