The dollar continued its move lower today and gold shot up over $1,300 an ounce before closing in the $1,295 range. Silver struggled moving past $18 and fell back by the end of the day.
I know I have been bullish the metals from a micro level as long as the dollar continues south but I have to think a reversal may come soon. We say both gold and silver bounce off of the round number resistance of $1,300 and $18 even the though dollar stayed weak under 93. Presently the dollar is down 5 cents to 92.48 and still looks weak.
Oil also became weak as it seems the commodities are moving together even though overall they have followed the dollar. There was an OPEC output hike though that started that run.
We should still let the dollar control our point of view with gold and silver. Silver may very well lead gold lower when we do start falling so watch it for clues. It was the weaker of the two when the metals reversed today.
The book is off to the formatter today finally. I hate to say that it might be 350 pages long but there isn’t a thing I would cut out of it.
We’ll see what tomorrow brings but I have a sigh of relief after working on this book for the last 2.5 years or so. I feel like I can breath again, but it will be short-lived as I go to work on finishing We the Serfs!, a political book which I have been working on for 10 years. The timing is right for that book also.
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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