Gold and Silver break below important support levels

Gold and Silver break below important support levels

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Today is Wednesday 5th September 2018 and we are briefly commenting on yesterday’s fall in the gold and silver price.

You may recall that last week the pumpers were out stating that prices had now hit bottom and that their only direction from here was up. Even David Morgan, the Silver Guru, publicly declared no further downside – as if that wasn’t enough to force prices even lower.

The pumpers will tell you, buy gold and silver now – emerging market collapses mean that those countries will pump their monies into gold and silver and cause an almighty explosion to the upside. No, they will not – they either do not have any money left, or those that do, are attempting to swap their currency for dollars, and may even find it necessary to sell what gold they have.

The pumpers have been blind sided yet again and must surely be asking themselves, when is the upturn going to occur, so we can tell our listeners “we told you so?”.

On Monday we gave you our rant at these charlatans, and yesterday, we did a slightly over the top scenario of what the Final Day of an economic collapse could look like.

Today we are being more measured. We need this week to closely look at the economic data being announced as we highlighted last Saturday. We have not only seen gold and silver fall in US dollar terms this week but also in Euros and Sterling. Silver has been hit harder than gold, with the GSR standing at 84:1 as we speak; and the dollar index is 95.41.

Gold currently stands at ,195 and silver at .17. Long term technical charts suggest that is a major floor or support level and possibly a turnaround position. We are not so sure, the dollar strength in our view still has a way to go. However, having said that, today we shall have the trade deficit figures and on Friday the Non-farm Payrolls, so before anyone casts any prediction in stone, its worth waiting to see what is revealed.

So this week lets watch the economic data closely and then a judgement can be made based on facts rather than gut feel, intuition or out of date charts suggesting trends which no longer apply and are used only to serve the purpose of those who are trying to convince you that they know what they are talking about. Have a great day.

Gold and Silver break below important support levels