Being out of the headlines is actually good news for gold and silver. For decades the gold and silver trade was limited to big players, like central banks, and the retail gold and silver trade was a relatively small group of collectors and traders.
Commodities in general were higher in early trading with platinum, palladium, crude oil and copper all posting gains.
It was a sea of red ink for industrial commodities across the board with gold and silver being joined lower by crude oil, platinum, palladium and copper.
To be fair it was a tough week on commodities pretty much across the board, but gold did get rocked around more on a percentage basis.
I also don’t believe for a minute that the Fed is going remove the easy money punch bowl from Wall Street’s banquet table.
When it comes to precious metals over the holidays, I’ll be watching the silver sales. I’m genuinely surprised to see silver under $30 an ounce this soon but I’m not about to let the opportunity slip by.
It’s an interesting dance in commodities right now as most are trading artificially higher due to nearly $4 trillion in excess cash that the Fed has injected into the U.S. currency supply.
We’re seeing the predictable doomsday predictions of gold going to $1,200 an ounce.
While flat markets tend to annoy big traders, it shouldn’t be causing retail traders any grief. This is a great opportunity to add to your collection at last year’s prices.
Notice the similar flat spot in 2008 where we heard the very same type of gloom and doom pronouncements about gold that we’re hearing today.
I’d like to be able to tell you that I’m optimistic about gold prices next week but, if there’s no good reason for the selling that’s been going on the last three weeks, how can I honestly try to tell you next week will be better?
Commodities other than gold and silver were enjoying weakly positive trading with crude oil, platinum, palladium and copper all trading higher as the euro gained on the dollar in currency markets.
To be fair it wasn’t just gold and silver taking a hit, it was industrial commodities across the board. Crude oil, palladium and copper were all trading lower and the biggest hit was reserved for platinum, trading lower by nearly $24 an ounce.
The short-term fundamentals and improving confidence numbers still favor weaker gold prices ahead. Balancing out the negative forces is the continued strong demand from central banks, the people printing the fiat script we’re all pretending is really money.
It was a rally day for most industrial commodities with gold and silver being joined higher by crude oil, platinum, palladium and copper.
There’s a lot of hand-wringing in the media this week around the price of gold and analysts are pointing to this and that as reasons gold is not doing better.
Once again commodities in general are taking the brunt of the selling pressure with gold and silver being joined on the downside by palladium, crude oil and copper.
Hopefully some of you managed to lock in prices on a small buy when price dipped under $1,700, although where we are today is still not bad for an entry point.
Gold is down more than $30 an ounce in just the last few days. It’s hard to see how locking in some small buys as long as this downward trend continues could end too badly, especially if you’re holding the physical metal for a long period of time.
In the U.S. most analysts are pointing at the current fiscal cliff negotiations as the reason for market indecision but I’m not buying it.
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 31st, 2014 | John Ransom
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 30th, 2014 | John Ransom
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