Latest Gold & Silver Price News
We cannot remember having seen so many markets at critical points simultaneously. It is truly astonishing. Scary movie or turning points? Gold, the monetary commodity, has also arrived at a critical point. Although the triangle on its chart goes back to 2008, slightly less impressive than copper, it also tells us it is make or break time.
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 $1,166.20 dwon $9.35 per ounce (0.80%). Gold stocks, as measured by the NYSE Arca Gold Miners Index, lost 2.62%. The U.S. Trade-Weighted Dollar Index gained 0.63% for the week.
Between the delusion of “something for nothing,” and the denial of believing that our financial world was fine yesterday so it must be great tomorrow, lies the clarity of realizing the financial well-being of several billion people is currently threatened. It was the same before the Tech-wreck of 2000 and the financial crisis of 2008. As it was in 2000, is now, and ever shall be …
Looking at the Qtr closing for 30 June, the range is small, directionless, and just think of the news events that have transpired each day, each week, each month, so much bad news, so much negativity, world stress, etc. If you knew nothing about the news and just looked at the small range, you would surmise that all must be tranquil in the world to have so little impact on price for the past 3 months. For now, buyers have not yet met the burden for a change in trend. At the same time, sellers are at risk of losing control to the buyers is the sellers cannot move price lower and keep it lower.
Gold has held steady within 25 points of the $1200 level for over three months now, and while it did gap slightly higher yesterday after the collapse of the Greek debt negotiations, those gains were short-lived. As of writing, the yellow metal is on track for its lowest close since March, dramatically lagging its safe-haven rivals. We often note that one of the strongest signals in trading is when an instrument fails to act “as expected” to a major fundamental development, and this week’s lackluster reaction suggests that gold may be losing its luster and on the verge of a big breakdown.
Prepare yourself for an imminent financial collapse. That’s why the safest course of action remains not keeping all your eggs in one basket. Instead, you should diversify a portion of your assets to non-paper assets such as gold.
The gold mining industry is not really known for innovation. This could be changing with the first crowdfunding challenge ever set up by a gold miner. Integra Gold launched a challenge to find the next large gold discovery.
What is the trend? Down. Who cares if it looks like a great buy opportunity? Who cares if it is oversold? It does not have to go higher from a certain level. Ask how many thought gold and silver could not go lower three years ago, two years ago, a year ago, a month ago? Anyone buying had the weight of market momentum going against them and the greater likelihood of taking a loss. Was it the market’s fault for those making a bad decision to buy in a down trend?
Immensely powerful central bankers believe that they can safely “fly high” with their monetary policies. But like Icarus, who flew too close to the sun and plunged from the sky when his contraption fell apart, so too do our monetary authorities run the risk of similar demise – and taking the rest of us down with them.
The ninth edition of In Gold We Trust is out. It is another outstanding, world class report full of unique insights for investors. In Gold We Trust 2015 is focused on the impact of the unusual montary policies on the financial system, investing, and precious metals. In sum, the debt problem is bigger than it seems, and it remains widely misunderstood. This report is a master piece in clarifying the future consequences of the huge global debt burden.
This village was a long, long way away and this story happened before the world developed High Frequency Trading, Derivatives, Quantitative Easing, PhD economists, central banking, paper money, and career politicians to manage the affairs of our nation, so this story may not be relevant to our modern and sophisticated world.