We have gold trying to put up a fight right now and it is GDP data tomorrow that just might get it going. If the data is not good, then gold should begin flight higher again. Silver too. Either way by next week we should see a move higher.
The only question in my mind is what will the dollar do? We had gold and the dollar fall together last week and I am paying less attention to that correlation of late and just looking at price action for clues.
From an insider’s point of view I can tell you that gold and silver sales are down and have been for our company and that of our suppliers since just before Donald Trump got elected. It is mostly conservatives who buy gold and since the Republicans swept the House, Senate and Presidency, all is well in the world, right? The almost $20 trillion of debt means nothing, right? Just buy stocks and the stock market always go higher, right? How soon we forget 2008/2009.
One has to ask the question what will it take to get buyers to come in? One answer is what Fed Chairman Janet Yellen calls “noise,” or tomorrow’s GDP data. It is expected to come in with a forecast that is weak. How can the precious metals market look at sub-2% as bullish? How can the stock market? So tomorrow’s number is important.
For those that didn’t see it, yesterday’s Current Thoughts was the actual Nightly Trading Report I put out for the Illusions of Wealth ETF Trading Service I run. You can find it here: https://illusionsofwealth.com/profit-in-up-or-down-markets-today-with-the-etf-trading-service/
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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