In the 6/6/2017 post I said the following; “Do we have liftoff now? I don’t think quite yet. Still would like to see one more test lower if we can get it.”
We got confirmation of the pullback today and now we have to see how much more legs it has to move lower before next week’s bottoming and take off for metals after the Fed (or Tues/Wed). It’s time we had a little fun in metals, and I don’t mean just hitting $1,300 in gold. I think we go higher.
The dollar rose today putting pressure on metals and with the ECB being dovish it helped the dollar move higher. The Pound just went lower after the vote wasn’t enough to give the incumbent May the power she needed in Parliament.
Still, we are watching closely the USD/JPY and if we get it over 110 again tomorrow, then we should have a run lower in metals still.
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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