Was a long week at FreedomFest but well worth it. While there were many speakers there it was the one on one conversations I had with economists, CEO’s and other business owners and individuals that really gave me a pulse of what’s going on in America. There were over 2000 attendees and I was of course the only person who sells gold who was dollar bullish and in the deflation camp saying there would still be pressure on gold and silver prices.
I will begin to do more trade shows, seminars and videos for brand recognition and to get the word out, but I have to finish these next two books I am working on. Since I can’t clone myself, bear with me on the timing of getting Thoughts out to you each day. I’ll get them done, but may be delayed at times.
I am feeling though that we get some sort of a bounce at present. We are not seeing the Nov. 5th lows broken and even though we are awfully close we have lingered here too long without breaking those lows. What will the catalyst for these lows to be broken? If gold and silver didn’t move higher with the drama occurring over there, how will gold and silver move higher if the situation gets resolved? Everything is mixed up which is why I simply think we may get a bounce despite we are experiencing bizzaroworld. (See Seinfeld clip for explanation): https://www.youtube.com/watch?v=IcjSDZNbOs0
I spoke with one gentleman at the trade show who agreed with me about the Fed, Janet Yellen and interest rates. On Friday Janet Yellen again talked about higher rates coming. I have said they may do a token rate rise of a quarter point, but this would be to give the public the perception that the Fed is in control. See: Gold pares gains as Yellen signals a 2015 rate hike
The attendee, a retired IRS agent who spends all his free time expanding his knowledge about economics (which is why we got along so well), both agreed that the Fed is clueless. The Fed can’t afford to raise rates. They can’t kill what little recovery that is occurring in the economy. They can’t expect Congress to come up with more funds to pay higher interest on the debt. They simply can’t do it. But they may do a token because they are incompetent.
Taking a last glance at price action in Asia, gold and silver are down a hair as I type. Perhaps my bizarro world won’t play out and we just capitulate. We’ll know in the morning. If we do break the lows in gold and silver, $1,000 here we come.
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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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