Latest Gold & Silver Price News
The price of gold has gone nowhere in the last two years and has created a 2-year basing pattern. That is constructive for gold prices as the stronger the base, the stronger the next trend. But a trendless market also indicates a battle between bullish and bearish forces.
In his weekly market review, Frank Holmes of the USFunds.com summarizes this week’s strengths, weaknesses, opportunities and threats in the gold market for gold investors. Gold closed the week at $1,206.20 down $17.86 per ounce (-1.46%). Gold stocks, as measured by the NYSE Arca Gold Miners Index, lost 4.21%. The U.S. Trade-Weighted Dollar Index gained 3.09% for the week.
There is ample record evidence that banks are totally unreliable if it is known that any gold or silver is being held, either by consent for a fee or in a safe deposit box. If you have any PMs in a bank, guess who really owns it? Word is that even allocated gold owned by wealthy clients, in the hundreds of millions of dollars, is missing. Who cares? That is their problem, not yours. The point to be made is we all live in a world where it is a matter of self-survival.
Negative interest rates, cash ban, gold ban, private cash hoarding, cash hoards under Swiss soil – these are all concepts we would have considered figments of a sci-fi writer’s imagination not long ago. Come what may, it will not be easy: neither for the interventionists and control freaks trying to keep a lid on the consequences of their own doings, nor for the people trying to lead a normal economic life without massive restrictions.
Death, injuries, prison, and life changing consequences arose from an argument over a parking space. What might occur in an argument over several $Trillion of dodgy sovereign debt or a territorial fight in the Ukraine, Iraq, or Syria? Do you own insurance in the form of gold and silver, which have NO COUNTER-PARTY RISK?
Short-term traders may want to wait for more evidence to help tip the scales. A break above converging resistance in the 17.80-90 zone would be a strong bullish signs and would open the door for a move up to 18.50 next. On the other hand, a breakdown back below the 200-day MA at 17.00 could target the 61.8% Fibonacci retracement of the ABCD pattern at 16.20 or lower.
One FKEU isn’t what it used to be. Perhaps that partially explains why there has been so little media interest regarding Fort Knox gold and why there has been no audit in the past 60+ years. An audit might discover that the gold in Fort Knox is, like the purchasing power of the US dollar, mostly gone. Times change, gold moves to China, India and Russia, debt increases exponentially, a mighty storm is coming, and, I confess, we really did not … enjoy Sasquatch burgers.
For some reason, gold evokes more intense emotions for traders than any other financial instrument. Depending on who you talk to, gold is either the last real store of value amidst the final throes of the central bank driven fiat currency system…or a soft yellow rock with few industrial uses. Rather than dogmatically holding to either a permanently bullish or bearish outlook on any financial asset, we believe that traders that should keep an open mind and try to objectively analyze the fundamental drivers of gold Like any commodity, the price gold is determined by the interaction of supply and demand. While the supply of gold is relatively predictable in […]
As I have mentioned on many occasions, the current debt levels are totally unsustainable and without any real economic growth, there is no way that this will be resolved without a major monetary collapse or reset of the current fiat system. However, many people have no idea of what is really going on.
At Global Gold, I am often asked what we would do if, for example, the US comes out with a confiscation order. My reply is: We would do nothing whatsoever! Why? Quite simply, because no one in Switzerland has the political power to execute such an order! Even if Swiss politicians would support such a confiscation order, the Swiss people would likely have the final vote. I am confident that any such confiscation order wouldn’t have any chance to reach a majority in Switzerland, especially when it concerns assets held outside the banking system such as physical precious metals.
The strategy that China has taken in the gold market can also be implemented by individual investors, by focusing on specific gold companies who – in the midst of a commodities bear market and global currency war – are out acquiring already-established gold assets.
Markets become over-bought and over-sold, or extended to extremes, in both directions. At some point they reverse, as indicated by the Stress Index. Intense moves in the S&P and Bond market indicate extremes in sentiment that also affect the gold and silver markets. Many gold bottoms and tops have been identified over the past 15 years by this Stress Index. The “gold-bashers” may be correct (I doubt it), and the High-Frequency-Traders and central banks may crush gold and silver prices again, but I doubt it. The Stress Index indicated a bottom in the gold and silver markets in March of 2015.
If you let the Harlan K Ullmans of the world dominate your life, or go through life in an unexamined manner, the elite’s unfolding game of Jenga, unseen but visible to the curious eye seeking to be informed, will destroy you. None of those in control want you to own gold or silver. It is an act of individualism, a non-state action, but if you do not have or own either gold/silver, you are playing totally into the hands of those state-actors bent on making you subject to their whims.