Today we had a pullback finally in the USD/JPY but it was preceded by the comments from ECB President Draghi becoming more hawkish in his tone. This pushed the dollar lower and gold higher to start the day, then gold fell, rose again and by the end of the day gold started to fall. Pretty crazy day all around. Gold still struggling a bit with that $1,250 mark and the next resistance is $1,260. Over that is all we are being patient for.
The interesting thing today is the dollar was down sharply but gold didn’t move down that much overall and was steady most of the day. All in all I would say it was pretty resilient. Silver too.
As an aside, we had a great day overall with the ETF Trading Service, and the only two we lost a little on, but are still holding and were up most of the afternoon on them, were gold miners; JNUG and NUGT. Those should reverse higher here very soon. The one’s in yellow we are still long heading into tomorrow. You can find tonight’s ETF Trading Report below. Be sure to read my comments on Janet Yellen. She is absolutely clueless.
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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