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Gold and silver continue to feel vulnerable, as gold struggles to hold around $1,250.00 while silver, for the moment, is putting up a good fight just below $19.00. Platinum and palladium, while bending a bit, continue to hold $1,450.00 and $825.00. U.S. equities continue to march higher which weighs on gold and silver, while mixed economic data has surprisingly not added any support despite another rally in bonds, which has seen the ten-year bond yield falling to 2.40 percent.
Short term sentiment in gold and silver will remain negative with the bears and shorts in control until we see a break and close above the ten-day moving average, which currently stands at $1,279.25 in gold and $19.27 in silver. Physical demand has increased sharply this week with the lower spot prices, but if that demand begins to pull away, $1,225.00 and $18.50 could be seen quickly. Our markets are fairly quiet in early trading today, but as it is month end, I expect one volatile move to come later today as we approach the close and traders close out positions with an eye to a fresh start on Monday.
Good luck and good weekend,
This editorial has been prepared by Roy Friedman of 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.