Whipsaw price action in the metals today. We saw some up and down moves in the dollar too. I have to think the Brexit fears are overdone at the moment and we may get a fall in the dollar, rise in the Pound and Euro, and an overall move higher in the markets. Futures are already up 425 to 1989.25 after falling to a lower low from Friday’s nightmare of a day for Wall St.
Here is where the dollar is at present and my thoughts from a very micro viewpoint that can push the metals up a bit higher. I still would like to see gold hit $1,400 if I can at all get it there.
On April 17th, when silver was $16.17 I showed a chart where I thought it could go to 18 and said I was bullish. It did hit $18 twice now, but has not yet broken over that price. In that same article I said gold, when it was $1,227.10 could go to $1,300- $1,400? It did get to $1,362 as a high so far.
At this point I would like to see market makers take gold to a higher high and trap some more longs with it doing so. From there I will be writing my topping article. Silver can break above my $18 target some and just use the $1,400 price for gold to sell silver at whatever price it may get to.
You’ll notice with my micro calls I don’t try and take both sides of a trade. I stick with my calls and hopefully we hit the highs I look for. But I have been consistent in not giving up on the possibility of lower prices in the metals. I am not writing my “all in” article and it takes a 400+ page book to understand from where I come from. That book, Illusions of Wealth, will be out hopefully within a week, assuming Amazon.com gets me the proof copy in that timeframe. But if it takes 2 weeks, that’s ok. The message will be the same. You can sign up for announcement of that books release here: https://illusionsofwealth.com
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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