Gold took a little more of a hit today hitting a fresh 3 month low, but after hours is up $5. Silver closed at $18.95, and is up a bit in after hours trading now as well. Both gold and silver are still in a a weak downtrend but have not broke last years lows.
The dollar got stronger again today and there was more good news coming out of Ukraine with troop removals reported. The 10 year climbed a little higher to 2.54% and is something I am keeping a close eye on.
While some people like Mike Hulbert from Marketwatch say that gold may be bottoming out, I am still firmly in the camp that gold will take out it’s 2013 lows and silver will as well. How long this will take is unknown. As I have said, bounces will occur and we got another one after hours tonight. Gold and silver investors are practicing some real patience. Naturally, they will be rewarded.
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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.