Current Thoughts 7/30/2017

Gold is still struggling with that 1270-1272 level I mentioned in Thursday nights report and we’ll see if we can break through that now or have a slight pullback. While we are long gold and silver at present, miners we are out of except for Swing Traders and I gave us a 60% chance of being higher on Monday. We’ll see what the open brings and if we should get long again quickly or not. Any dips are 100% buys at this point. I took a snapshot of the lat Friday session and opening Asian prices for gold and they are similar. The dollar is up 6 cents to 93.26. USD/JPY though falling down -0.20 to 110.49. The more it falls the better miners should do.

Gold is close to blasting off though.

COT report had banks cutting their longs but Funds have joined the long parade and banks and funds are long now. Producers though are still short and close to record high. Something has to give there. Same setup for silver now too. With Friday’s little bounce in metals banks are more than likely even more long now. This is all bullish for metals.

Go To Buy Gold And Silver Safely Store
About Doug Eberhardt

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


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.