We finally did get past that $1,122 level and caught some of JNUG and NUGT long this morning in the trading room. The Dollar Index actually fell and hit the 99 level bouncing off of that a few times. It kind of stopped the run in gold but we have to lean bullish gold and the miners until this run reverses.
Anyone notice the last couple trading days the stock market trades higher with bad news? Friday it was the worse than expected GDP report. Today it was the worse than expected PMI. I heard Steve Liesman come on CNBC today and backtrack on the number of interest rate raises the Fed expect this year. The number is still 4 but he was downplaying that number now saying it can be anywhere from 0-4. Really Steve? The data not adding up to your continuing mantra “the Fed is great” bullishness?
This move up in gold has some legs. I realize this. All I can do is say the deflationary contraction has NOT taken full force yet. Maybe the market is waiting for me to get my dang book out, I don’t know, lol. But the book is almost ready for editor. I just keep fine tuning it as a perfectionist and I just have to stop that and get it out. The bounce up in the meantime I don’t mind at all as most don’t have a clue as to what’s coming down the pipeline.
I’ll do what I can to keep on calling it like I see it.
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
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