Gold is sitting $20 from it’s 52 week low. When I wrote my Don’t Buy Gold Now, Wait Until It’s Under $1,000 article many people thought I was crazy. When gold breaks below that November 5th low of $1,158, we’ll see how quickly gold falls to under $1,000. I will then begin preparing my all-in article. I cannot tell you when I will exactly release the all in article but I am thinking it may not be until October.
I still would like to see one more bounce over the summer Months. Now that it is May, if we don’t break below $1,158, then we may very well get the bounce soon. This doesn’t mean I’m bullish or bearish at present for you short term watchers. It just means the price will let me know where I will lean, maybe this week. If I turn fully bullish, those who receive my ETF Research Trading Analysis will learn of it first.
I did expect a better move up in gold with the dollar breaking down short term, but the Fed rained on that parade. I have said before that it’s not 100% about the dollar and gold, but over time one can indeed make that case. Something’s got to give here soon and if the dollar continues to slide, then gold may get that pop higher that would coincide with a better than average month of May the last 15 years for gold. But keep an eye on that $1,158 price level that is dangerously close.
Watch for the data on Tuesday and Wednesday, Fed members speaking Mon, Tues, Wed. (Yellen on Wed). and Unemployment Rate on Friday which is expected to be slightly higher as your movers for gold this week.
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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
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