Today’s gold market is more of the same for the morning session. Gold just doesn’t want to get up and go and is inching ever so closer to the Nov. 5th lows. Once we break those lows, $1,000 is right around the corner. I do still think we get a technical bounce.
I saw an article today from the Financial Times writer Jamie Chisholm titled “Not a Great Scenario for the Gold Bugs.” I actually agreed with most of what he wrote on what the price of gold will do once it breaks the Nov. lows, because I have been writing the same thing for quite some time.
Buy Gold Now or Wait Till It’s Under $1,000?
I wrote to him and his reply is below.
Thanks Doug, but I’m sure I will receive much abuse from the gold bugs. I usually do.
What I like about what he wrote is the key to most of gold’s move and that is the stronger dollar, as well as no inflation (deflation in my book).
He also mentions what I have been saying that the Greece situation (and he wrote China stock market crash) has not given a boost for gold either.
I wrote an article for the main site, kind of switching it up a bit. It’s called Youth Unemployment and their Future in America and Abroad. I hope you can send it to your kids and grandkids to give them some hope.
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
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.