Precious Metals and Mining Stocks
This has been some of the most bizarre happenings I have seen in awhile with metals. The dollar falling hard should have got gold going but did not. It should have then maybe got JNUG or NUGT going but they were negative all day. JDST was the play but after the open we never got a run higher. We’ll see what tomorrow brings but any dollar bounce now or gold retreat and JDST should take off. I will still put a buy in on JNUG which is safe to play for day trades still. Plenty of volume/liquidity. Gold is down $3 to 1289.40.
We sold out of DSLV a little bit early. Could have got us a bit more profit. It did move up but then fell back some. We still might have an entry on it tomorrow. Silver is up 2 cents to 18.30.
The dollar stopped falling and is treading flat at 99.41.
From the Trading Desk
Escalating tensions with North Korea have kept gold buoyant and hovering right under the highs of 2017 thus far. On Sunday, North Korea attempted a missile launch (non-nuclear) but it failed “almost immediately” according to South Korean and US military officials. The launch took place just hours before US Vice President Pence arrived in South Korea for a visit. Also, satellite images suggest that North Korea is ready and willing to carry out another nuclear test. This information comes just one day after North Korea warned that it would strike the US mainland at any sign of aggression from the US government (analysts believe it doesn’t have this capability yet though). VP Pence has remarked that “all options are on the table” when it comes to North Korea and has warned the country to not test Trump’s “resolve”. Gold has stalled over the last few days ahead of formidable resistance at $1,300, but if the North Korean situation deteriorates further, it will easily break through this level. CFTC data showed that investors added to long positions on the Comex last week and the SPDR gold ETF’s holdings stand at 27.2 million ounces, five month highs.
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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.