Gold is starting the week down in Asia but silver has turned weaker faster and is now under the $19 resistance although it did bounce just now over $19 again. The dollar still needs to cooperate to put some punch into this downturn in metals by rising over 95 again and the jury is still out on that. I have to lean that it will however, at some point. Why not now?
There is no real data coming out tomorrow to move markets so professionals may start to play some games with metals. Gold under $1,300 would do the trick I think. Platinum and palladium are also weak.
I expect some big moves coming in metals for some reason this week. The Fed is out of the way and I don’t see anything that would cause gold to fly higher unless it is the dollar breaking 94. My advice is as always, cost average into a position and have some cash ready should we get a really nice dip which fits with my analysis.
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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