Gold is up $15 this morning after dollar fell below the 95 mark on the Dollar Index in the last 24 hours, but is actually up at present .15 to 94.64. Remember, gold most always tends to catch up to what the dollar is doing and micro moves don’t really matter.
Finishing up my book (still) and not much to talk about with the metals market except that we are still in a range that has to be broken one way or another. Gold can’t seem to break $1,200 or $1,280 and silver meanders up and below $15. Personally it doesn’t matter to me which way it breaks still as I do think we move lower with the deflationary credit contraction.
We should start to see the stock market begin to move lower soon and it should fall with the contraction I have been calling for. This includes gold mining stocks.
I would begin dollar cost averaging out of all “long the market” stocks at this point and look to short the market ETFs for either trades or possible week or two holds (at least the leveraged ones). We just need some sort of catalyst to take us lower and it can come from so many places right now. Expect it. Heck, even Greece is getting mentioned again which I have been saying would happen.
Making money in the markets isn’t easy but I do believe anyone can with the right understanding of what’s really happening in the world. Stay tuned.
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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