Dollar down, gold up as it flew past 2012 and up over 60 dollars at the high today. Silver also tagged along for the ride. Silver is finding resistance at 16 and gold gave back some by the end of the day too. Part of the reason might be the end of day bullishness in the markets and oil because of a rumor that OPEC was going to tighten supply.
Gold is presently under $1,240, down $8 in Asian trading.
Moving forward, watch for words out of Japan or Europe on ways they can weaken their currency.
I’ll be writing an article this weekend with more on my thoughts on where I think we are headed with gold. Long day today so will keep this one short.
Related posts
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.