Gold and silver are up in Asian markets after a slight move up yesterday when only Asian and European markets were open. Where to from here?
Friday we saw precious metals move higher after a lousy jobs number that came in worse than expected. The jury is still out on how this momentum will play out once U.S. markets open on Tuesday.
Right now we don’t have an indication of direction as the dollar is higher by 9 cents and typically, of late, the dollar has been inverse of gold. So for now, no call from a micro perspective.
It’s ok to sit out a day and wait for the direction to take hold and see if the downtrend has reversed for a moment or two. I do believe the dollar is still going to 100 and nothing has changed my mind on this. If you don’t understand my reasoning, please read my book Illusions of Wealth.
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.