In my blog entry on 6/3 I stated that it looked like we might have come to the end of the line for the rally in Gold and Silver primarily due to the surge in the US Dollar after the better-than-expected, but still dismal, employment report was released on Friday morning. Both markets were in overbought territory so they were just looking for a reason to correct. Obviously, they found it in the dollar reversal. So today, we find AUG GOLD searching for support and, with an intraday low of 943.80, the market came within a whisker of my initial downside target of 941.00. Now the question is, can Gold hold this major area support? The answer will come with the passage of time. My professional opinion is that the rally in the US DOLLAR will be short-lived but may still have some legs. Gold and Silver, once the retracement has run its course, should continue to provide superior returns to stocks and bonds but, more importantly, provide a much better way to protect your personal wealth. Unfortunately, both Gold and Silver have gone from overbought to just neutral and may need some more work to the downside before a real bottom is found. I’m good with that. This is very healthy for both Gold and Silver and will allow these markets to continue to press higher. I expect Gold to make new all-time highs in the next month and Silver should eclipse the February highs on the back of the next rally in Gold.
If you have been thinking about buying some Gold or Silver bullion coins, all you need to do is call our toll-free number (800-605-1792) to place your order. You can speak with a professional adviser who can explain the easy process of opening your account and completing your purchase.
As always, if you have any questions about the markets, trading, or you just want to chat, feel free to call me at 888-453-4614. If I can’t answer your call immediately I will return it as soon as I am available.
Good trading,
Dale F. Doelling, Chief Market Analyst
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