`Today was a day where gold gave up trying to move higher and now we have to wonder whether we can break that $1,050 resistance overnight with China or have to wait till January. We are not seeing any strength in the metals. Silver also weak and under the $14 mark. I have a sneaky feeling with a light day of trading tomorrow that China may push the price lower overnight.
I have to make light of something said on CNBC by one of the hosts of Power Lunch. He was negative on gold all year and has been negative on gold for 5 years he said. Naturally this is the type of person who is never going to be positive on gold and I will simply mock once gold bottoms. Why do I make this claim? Because of his reasoning to not be in gold. Here is what he said today that I posted in the Seeking Alpha trading room;
The guy on Power Lunch just said something idiotic. He said try using gold in Armageddon, you’ll get 10 cents on the dollar for it. What will I get for dollars in Armageddon times? Why do these people think that currencies are, um, like gold, which has thousands of years of history as money. The dollar has 45 years without a relationship to gold. And now we have basically almost $20 trillion of debt that these blowhards never talk about backing the dollar. I’m not a return to gold standard guy but please don’t say gold will get 10 cents on the dollar in times of Armageddon and pretend the dollar will do just fine.
As I wrote a few days ago, I tracked all of the CNBC announcers the entire gold move up and they could not understand gold’s rise. They mocked it the entire move up and critique those who are pro gold the entire move down so far. Next year I get to begin mocking them again. I look forward to it.
CNBC also said something else today;
CNBC said this was the hardest year to make money than any year since the 1930’s.
I have to smile at that comment.
Why do I smile at that comment? Because we are simply doing fantastic with the ETF Trading Service. I had someone recently tell me that I do talk about it a lot in my Current Thoughts but if you have a talent as a painter, do you just paint or do you show off your work? If the painter doesn’t tell anyone, no one will know about how good their paintings are. I simply paint the market with good calls. Below is what a new trader emailed me today after reviewing my past calls. There is a 2 week free trial if one is interested. You can go to this link; http://seekingalpha.com/author/doug-eberhardt/research
Since I finally got my access to your website I have enjoyed very muchreading your blogs. I have seen you make some phenomenal market callsthrough your nightly reports and on your intra-day posts.
Next report is Sunday. Happy New Year everyone! I think you’ll finally be happy with my “all in” call coming in 2016!
I know I will be!
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.