Current Thoughts 2/21/2017

From the Trading Desk

After the long weekend in the US, the Dow Jones made all-times yet again, the USD moved higher, and gold somehow managed to hold onto its footing fairly well.  Commodity Futures Trading Commission (CFTC) data showed on Friday that speculative net Comex longs in gold fell by 9%.  This reduced bullish positions to a four week low but positions are still up about 50% since the beginning of 2017, a reflection on gold’s strong performance so far this year.  Gold ETF figures also declined by about 165,000 toz on Friday, the first time in February there have been redemptions.  With gold already being up about 8% this year, it is not surprising to see longs in Comex and the ETFs take some profits and remove chips off the table.  Support for gold is coming in at the 100 day moving average of $1,214.50 (the 100 DMA has held three separate times in the last two weeks) and resistance is at the triple top of $1,245.

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About Doug Eberhardt

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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