Author Archive: Gold Silver Worlds
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Could it be that these convincing forecasts are a contrarian indicator? Let’s face it, the “consensus trade” is that gold will and must go lower. When everyone is convinced about an asset moving in one direction, usually the opposite happens.
Even with the latest manipulative selling of COMEX Gold futures, price is still maintaining support within the price channel and horizontal support zone. The latest selloff has taken Gold to the median line of the Andrews pitchfork and almost to the 100% Fibonacci extension level. We should see some support in this area even if it is short-lived.
Ron Paul says people seeking to advance peace can learn much from looking to Switzerland. Paul states in an interview that he likes Switzerland’s “very successful national defense,” and adds “there is no reason that we can’t use that as a starting point.”
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 $1,099.05 down $35.42 per ounce (3.12%). Gold stocks, as measured by the NYSE Arca Gold Miners Index, lost 9.72%. The U.S. Trade-Weighted Dollar Index lost 0.60% for the week.
Besides apparent price manipulation, other factors are affecting gold’s behavior right now, three in particular.
The investing problem is that almost every investor is looking away from precious metals at this point. As a matter of fact, it is only a handful investors that are turning their attention to the metals. The ongoing sell off is setting up for an extremely interesting buying opportunity as metals and miners are unrealistically priced. So the number of investors that will benefit from this selloff will be, as usualy, very small.
Let’s take a look at the Gold and Silver charts and see what’s going on. Most of the charts in this letter use Heikin Ashi (HA) candlesticks, a variation of the traditional Japanese candlesticks. The HA candles filter out some of the noise in a price chart and make it easier to focus on trends. In this monthly chart of Gold it is obvious that the current trend is down even without the HA candles.
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 $1,134.47 dwon $29.93 per ounce (2.51%). Gold stocks, as measured by the NYSE Arca Gold Miners Index, lost 7.50%. The U.S. Trade-Weighted Dollar Index gained 1.91% for the week.
Texas Governor Greg Abbott signed HB 483, authorizing a state depository for gold (and other precious metals) and a payments system. This bill kicks two roadway barriers to the curb: a lack of infrastructure for gold payments, and widespread distrust.
Gold continues waffling around within its $75 price range. This week we had two successful tests of support at the $1150 level, the bottom of the range. With significant economic uncertainty in recent weeks, this lack of response in Gold is somewhat surprising.
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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 $1,163.70 dwon $4.78 per ounce (0.41%). Gold stocks, as measured by the NYSE Arca Gold Miners Index, lost 4.82%. The U.S. Trade-Weighted Dollar Index gained 0.09% for the week.