Gold Rebounds This A.M. From Far East Overnight Drop
Category: Market Reports
Author Name: Walter Pehowich
Posted: 03-28-2016 01:50:00 PM
Author Name: Walter Pehowich
Posted: 03-28-2016 01:50:00 PM
The good news is the ETF funds continue to see more and more inflows and now the holdings are above 58 million ounces.
SendGold fell to a 5-week low in the April contract overnight in Far East trading to $1,206 dollars per ounce. A stronger dollar index was the main culprit overnight, but as I’m writing my report this morning, gold has recovered, the dollar has weakened and now April gold is back to the $1,220 level.
In the absence of any news regarding interest rates here or abroad, gold just seems to be offered on any rallies.
Supply and demand issues are kinda cold these days, as indicated in the April / June COMEX switch widening out. If there was any indication that the demand for gold was exceeding the supply that switch would be collapsing. Over the last few days it’s been widening or, as we like call it, moving to the right.
The good news is the ETF funds continue to see more and more inflows and now the holdings are above 58 million ounces.
Some financial advisors have reported retail investors now are starting to add Silver ETFs to their portfolios to combine with their gold holdings.
My tech friends tell me that the $1231.50 level in the April contract is the next level of resistance and until some bullish news hits the wires we can expect gold and silver to remain range bound.
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Author Name: Walter Pehowich This editorial has been prepared by Dillon Gage Metals. This document is for information and thought-provoking purposes only and does not purport to predict or forecast actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein are current opinions as of the date appearing in this editorial only and are subject to change without notice. Reasonable people may disagree about the opinions expressed herein. In the event any of the assumptions used herein do not prove to be true, results are likely to vary substantially. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate its ability to invest for a long term especially during periods of a market downturn. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. This information is provided with the understanding that with respect to the opinions provided herein, that you will make your own independent decision with respect to any course of action in connection herewith and as to whether such course of action is appropriate or proper based on your own judgment, and that you are capable of understanding and assessing the merits of a course of action. You may not rely on the statements contained herein. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisors with respect to these areas. By posting this editorial, you acknowledge, understand and accept the foregoing. |
What are your thoughts? Gold Rebounds This A.M. From Far East Overnight Drop
