Gold and especially silver took a move lower on Friday and continued lower today. We should see a little more weakness before we head higher again. I do think gold is on its way to $1,300 short term and silver to $19. From there we should be a little more in profit taking mode and have to check on the dollar to see if it is bottoming. Timing isn’t as important as to just knowing it will happen eventually. I don’t have to give timing most of the time but what I say usually does happen.
We actually got sold our JNUG on Friday for the ETF Leveraged Trading Service for a 7% gain and jumped on JDST for a 6% gain, timing the move pretty good. Today was a somewhat flat and difficult day for miners. The main reason for locking in that profit in metals was the strength in the dollar which moved past 101 by the end of the day.
Because silver got hit harder, it is a good time to buy the dip I think tomorrow should we continue a bit lower.
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About Doug EberhardtDoug 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
Disclosure:
Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with capital you can’t afford to lose. This is neither a solicitation nor an offer to Purchase/Sell futures or options. No representation is being made that any account will or is likely to achieve gains or losses similar to those discussed in this outlook. The past track record of any trading system or methodology is not necessarily indicative of future results.
All trades, patterns, charts, systems, etc. discussed in this outlook and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author.