Sep
8
2014

Gold and Silver Outlook 9-8-2014

Gold and silver continued their downtrend today with gold falling about $13 an ounce and silver 18 cents. Like a magnet, the double bottom for gold last year is a price that is drawing ever so closer. At some point I do still believe we will break those lows as market makers try and scare the last weak hands out of their positions, especially anyone left using leverage. I have written about this in past articles and it is still on the table, especially since we are so close to the 2013 lows. Those 2013 low prices are $1,192 on June 28th and $1,195.25 on December 20th for the double bottom in gold and the 6/27 low of $18.61 for silver. Today’s low for silver was $18.82.

The dollar again moved higher closing at 84.30 on the Index.

We must keep in mind that nothing goes straight down though and I would expect a move higher sometime this week. If we do get a move higher it should then be followed by a break of the lows. We did get a little bit of a rebound at the end of the day today with gold rallying $5 and silver 20 cents.

You will notice that the gold mining shares, as represented by the Exchange Traded Fund GDX, are leading gold and silver down now with a score of -70 versus -60 for the precious metals. Most mining stocks are at 4 week lows.

 

9-8-2014 GLD

9-8-2104 SLV

GDX 9-4-2014

 

 

 

 

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About Doug Eberhardt

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

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.