Gold finally did it, closed below the prior lows from July of $1,080, closing at $1,068.50, losing $15 for the day. We are now heading towards that $1,000 level I spoke of back in February that we would hit. In fact, many of you know I have been calling for lower prices in gold since at least July of 2014 and have said multiple times I am dollar bullish because I was Euro and Yen negative.
What did the dollar do today? Moved closer to that magic 100 mark. It still has a little gap to fill and this may stop the current gold run as we consolidate there, possibly dip a bit, before taking off to higher highs for the dollar.
I will note that silver did perform better than gold today.
I did write an article on gold and silver today. You can find it below. It gives where I think we are headed between silver and gold. I think you’ll also like some of the strategies I put forth.
What Is The Better Investment, Silver Or Gold?
http://seekingalpha.com/article/3691796-what-is-the-better-investment-silver-or-gold
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About Doug EberhardtDoug 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
Disclosure:
Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with capital you can’t afford to lose. This is neither a solicitation nor an offer to Purchase/Sell futures or options. No representation is being made that any account will or is likely to achieve gains or losses similar to those discussed in this outlook. The past track record of any trading system or methodology is not necessarily indicative of future results.
All trades, patterns, charts, systems, etc. discussed in this outlook and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author.