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.
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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