Gold took it on the chin again today and was down $15 showing some real weakness with the dollar up about 45 cents. We managed to take some great profit from JDST and DUST in the afternoon once we saw the direction develop, but I did make the call pre-market to trade these long once gold broke below $1,080.30.
Are we headed to under $1,000 that quickly after a brief bounce last week? I thought we would get a bigger bounce but it just didn’t pan out. I am nimble enough with my trading recommendations to profit either way, but naturally you all know where I think gold is going. Hopefully that analysis has saved you from getting long too early.
I counted and it’s been at least 24 months I have been telling people that I feel we are going lower. I remember one of the conversations well as I was beginning the writing of my next book Illusions of Wealth in preparation for the eventual climb higher in gold.
But I do want this book out before we bottom and it should be off to the editors in about 2 weeks. I simply want to have more aware of the benefits of including precious metals in their portfolio and am justifying all of the reasons to do so in this book, as well as to how to keep and profit with the rest of our 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.