We have seen a bounce in gold somewhat, but it is finding resistance at 1280 and will again at 1300. But this leg up, even if we have one more shake out of weak hands down to 1240/1250, is going to 1400+.
If you have been following me awhile, you know a few things. One, there is no reason to write about the gold market every single days. Gold works in cycles and is in an up cycle at present. It will turn down after this up cycle for one last shake out before it takes off to new highs.
And second, it’s all about the USD/JPY right now and the Bank of Japan doesn’t let that fall and in turn that keeps gold from rising. We need it to break below 112, then 111, then 107 for gold to hit 1400. Maybe down to 104.
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
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