Gold and silver continued lower today with gold reaching a 4 week low. The dollar was down, then up and a little down by the close and metals market is a little confused right now. We sold out of all of our short gold positions today as we await the words of Janet Yellen tomorrow from where she is speaking at Jackson Hole, Wyoming. What do I expect from her? The same old “talk” about raising rates and sooner or later the market is going to wake up to her just mouthing words of a higher rate coming and decide to head south.
The data did come in well today with durable goods and jobs but we’ll have to wait and see if the Fed actually follows through in September with the rate hike. It would kill the economy, not help it at this point. See December 2015 and the stock market aftermath.
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About Doug EberhardtDoug 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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