Last week we saw some real carnage in the gold and silver markets. In two days, April 12 and April 15, we saw the price of gold fall over $200 and many in the financial media came out of the woodwork saying the gold bull was over. Since that time we have had a move off the low of $1,322 reached April 15th to the current price of just over $1,470, a nice $140+ pop back up in price. Silver yesterday was up more than $1.30 to $24.24 This leaves investors wanting to know, have we hit bottom in gold and silver and will this be the 13th year straight of higher gold prices or will we continue the pattern of lower lows?
In September 2011, the dollar hit a low of 74.14 as seen in the following chart. Below that you will see the chart as to where the dollar is today, 4/25/13, currently sitting just below 83 on the index.
From November 2011 to today you can read my comments about the gold and silver markets in an article I wrote Monday; Gold and Silver Doom and Gloom or Crack Up Boom?
Some highlights from the article;
“I believe we get one more push down in gold and silver.” “Gold is still in its second and longest phase. The professionals will still try and buck you off the gold and silver bull.” “Market Makers love to move markets they can control.” “I fully expect over the next few months the Market Makers to test and break the 200 day moving averages lower.
Continue reading at http://bit.ly/ZTixuq
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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.