Guess what? Dennis Gartman is bullish on gold again! If you watch the CNBC video, please see how Melissa Lee actually tries to convince Gartman that we are in a rising interest rate environment. Hey Melissa, it’s not September yet and if you haven’t noticed, the dollar has fallen 3% since breaking 100 on the Index about a month ago. For those of you who don’t know, it was just a couple days ago that I pointed out how Dennis Gartman continually flip flops. See Gold and Silver Current Thoughts 8-13-2015 – Thoughts on Dennis Gartman’s Calls On Gold.
Here’s a 3 month chart for Melissa on the 10 year yield;
Melissa Lee also mentioned the rising dollar, but the dollar has been falling since it’s high in March.
Of course readers already know this as I have been posting these charts here in Current Thoughts telling you on a daily basis where gold prices are going. All I try to do is give you the tools for you to think for yourself and hopefully play the market for profit in the short term. However, there is a place for everyone to own some physical gold and silver in their portfolio no matter what the short term may bring.
While I still think we get one more dip in prices, dollar cost averaging into your allocation makes sense.
I also said that I see the stock market moving higher over the short term. While this is your typical volatile Fed week, and we got some bad news on the NY factory activity, it was ignored once the homebuilding confidence report came out and we were off to the races. Barring any Fed meeting minutes nonsense, I think we push to the highs again. This may put pressure on gold and silver once again, but look at the dollar below 96 as a reason to go long for a trade. I said the same thing in regards to the dollar under 97 and guess what? Gold and the miners all went higher. A move over 97 would especially put pressure on gold and silver. Right now we are range bound looking for direction. The Fed minutes release will dictate which way we break along with the dollar.
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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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