As I wrote in my last Current Thoughts from April 11th, 2018, Gold Not quite Ready for Blast Off, we got the turn lower and are now in a better position to make some purchases.
Here is what I wrote then;
Were just not quite ready for blast off on gold just yet. The dollar was falling when gold was moving up and that low it hit today at 89.39 might have been it for now. This has been about as slow a move as possible for gold to get going and each time it hits this level, it fails. Rather frustrating for those who want the move now, but gold and silver buyers will have to be patient. This year will be up and down and I still believe a deflationary crash by October, then we’ll be off to the races. In the medium term into the summer, I do see a rise, then that fall into October. In the micro term today was probably the high for a bit and one more move lower possibly before we finally break that 1377 level. Trapped a few more bulls today I think. Dollar down -.10 presently to 89.48.
It looks like that’s exactly what happened. Now I am writing again as I think we get a big move up here in metals and miners, even though we may still have one smaller move below 1300 to possibly 1280. I am not putting as high of odds on that, but the dollar has surprised many with its strength, and gold with its weakness that it is a possibility. Silver is also getting hit hard hitting 16.02 today.
Part of that bigger move down can be blamed on lack of demand as we haven’t seen these kind of lows in buying coins from the U.S. Mint since 2007.
I see that nice move up developing now into the summer before the October crash. Traders can take advantage of it. Make sure you watch here on the turning points I see as I have been calling the ups and downs quite well. I’m not just a one sided; dollar is going to crash, buy gold, kind of advisor. I bring more to the table than that and I hope you benefit from it with the timing of your purchases. This is definitely one of those buy the dip times. I explain what is coming next in the updated for 2018 version of Buy Gold and Silver Safely.
For those that don’t know, we have been averaging returns of over 1% a week for the ETF Trading Service. Below are what we did with some foreign ETFs that were/are long the market the last couple weeks and our current buys today. Needless to say, there are 3 ways to make money: work for it, inherit it, or invest wisely. The latter is what we try to help with.
Related posts
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.