This is the year that gold bottoms! The question is when? Not until it breaks below $1,000. It is after this move that at some point closer to the bottom I will write my all in article. It is at that point I will be going after any critic of gold with full force. It has taken me 5 years and on the verge of my second book that will shake the investment world up a bit as well as 25 years prior to the first book to bring what I believe is true value to investors in helping them make their decisions.
The Asian market opened slightly up for gold and the dollar is presently up 3 cents. The dollar should take off higher from this point and still put pressure on gold. All we have had is a bit of trending the past few months but the gold market didn’t get the year end push up into January we have had the last few years. This may finally get us over the $1,050 closing resistance and below $1,044 overall on down to test the major resistance at $1,000.
I’ll be updating my data soon, releasing the latest update on the mining package and finally come out with my junior mining stock picks. I am timing this closer and closer to the final smackdown to make sure we’re set up with the right companies. The only issues unresolved is how severe will the deflationary pullback be and how quickly will the Fed fight it.
Going to make for an interesting year and as always, I’ll be on top of it.
Middle of the night glance and dollar down .48 and gold up $11. We have to see what legs this has once the U.S. traders get back to work and see if it has a year legs.
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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
Disclosure:
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.