I think this run in metals may be finished for now. The real question to ponder is today we had the dollar move below 100 but it didn’t occur at the same time gold moved to 1293.40, just 6.60 from 1300. It is now 1283.50 and silver 18.46 after touching 18.68.
The dollar went under 100 and is now 100.22. That 100 level has been broken a couple times but it seems for the time being we move up in the dollar and down in gold until gold can regroup for another move higher.
The war rhetoric has ramped up a bit and even the media is throwing Hawaii under the bus as a possible target from North Korea. I personally hate the media. You will recall they were collectively handed the same memo, both left and right leaning when it came to the weapons of mass destruction in Iraq, fueling the reason to go into Iraq and look where we are now. The world is not safer. Airport security is a joke as they frisk little children as if they are terrorists. This is not the home of the free any longer.
But my job is to tell you when to buy gold and silver and give you my honest viewpoint. And on that note I would ignore the media’s war chant and expect a little pullback in gold and silver before the next leg up.
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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