Gold and Silver Current Thoughts 10-07-2015

It is my mother’s 80th birthday today and we are heading out celebrating. Happy Birthday Mother!

We will hopefully be celebrating the Cubs win at the same time.

I have decided to include the analysis from my ETF Research Trading Service on gold today. Fed minutes released tomorrow and we could have market makers having fun. Don’t really want to be long or short tomorrow and still think after this run up we take it down a notch.


Yesterday for JNUG and NUGT I said it is very difficult to stay long when we are at resistance for gold. I said I would use the dollar moving higher as a reason to not stay long and maybe try JDST on a higher high. I don’t want to be wishy washy here, but that resistance I can’t ignore. I said I’m somewhat neutral on gold right now and even though the weekly turned green on GLD, and we are green on the weekly for JNUG and NUGT, I would rather play a higher high at this point after the open than mess around pre-market. I will still have an eye on JDST for that higher high.

JDST was an easy higher high play just after the open and could have been ridden up a point plus. I would have taken profit for the morning and moved onto better things.

Tomorrow it will be difficult to see how the market makers play the Fed minutes. We know that gold went up after the Fed meeting and we have that priced into gold now. What will the minutes say that will be positive for gold if all they will talk about is raising rates? Gold is strong now because we have seen more negative data which should get the Fed to hold off raising rates. But is that already priced into gold? I would be quick with profits on JDST or JNUG either way I decide to play.  I just like better setups.


Bonus: Thoughts on manipulation I posted to a commenter on Zerohedge:

Bay of Pigs, I’ve followed Zerohedge for years, along with Peter Schiff, John Williams, Gerald Celente, etc. etc. When my first book came out I quoted GATA’s Bill Murphy and have conversed with him personally.

Someday you and they will get what you all wish for. In the meantime my advice to my clients has helped them from going all in precious metals the last few years as I was dollar bullish (Yen and Euro negative) and said it would have an affect on gold prices. It has.

It seems people here try and twist what my intent was on manipulation where I clearly said banks manipulate, but I don’t go to GATA or Schiff or Zerohedge to know this. I go to the OCC Bank and Derivatve Quarterly reports which I have written about and linked to here. But even with this knowledge of manipulation, what the heck does it matter to my clients if I can show from my research that the price of gold has further to fall? They have been buying perfectly on the dips, dollar cost averaging into a position/allcoation.

Some like to blame manipulation but I look at price action and different data to show that it trumps their manipulation. How does one trade on manipulation? I don’t cry about those things. I prove from my research on what occurs in the markets and some may call me smug about it, but I only come to Zerohedge a few times a year because I can’t stand all the negativity or I need to balance out a pro-CNBC economic data article and try and pick a side (the data is mostly negative as you know and CNBC paints it mostly positive).

I’m as bullish on gold as anyone. I mean I do sell it for a living, right? But I don’t blindly follow or quote GATA or Zerohedge or Schiff or Celente or Williams, who have been wrong on gold the last few years. I do my own research and I challenge you to find anyone who sells gold for a living who has called the markets better.

Lastly, my 2015 predictions for gold came within about $80 of the $1,000 mark and the year ain’t over.

2015 Predictions for Gold and Silver 1/9/2015  https://buygoldandsilversafely.com/gold/2015-predictions-for-gold-and-sil…

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About Doug Eberhardt

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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