Gold and Silver • Daily Update from Peter Grandich

Daily Update from Peter Grandich

Gold – Once again we’ve risen close to a key level for gold but I must remind some “yet again” we’re not in a new up-leg until if and when (more like when)we get two consecutive closes above $1,650. Gold’s technical picture is quite bullish but rest assured the “bums” shall attempt one of their raids as sure as Canuck fans are already getting their Stanley Cup -2013 hats ready.

U.S. Dollar – I said the bullish camp was overrun with almost 100% bulls and it was nothing more than a dead-cat bounce in a secular bear market for the terminally ill U.S. Dollar. Watch for a dramatic short covering rally if the Euro can close above $1.25 (I think its when).

U.S. Stock Market – The least resistance continues to be up but a pullback as it nears all-time highs is likely.

Bonds – The worse investment for the next decade remains just that and look for some more switching from bonds to stocks when 10-year goes above 2%

Oil and Natural Gas – $100+ oil near and I’m near certain Israel is close to attacking Iran in next 60 days. Natural gas remains an avoid.

Junior Resource Market indeed saw an exhaustion of selling and is bouncing but any thought of one getting even this year is foolish (except if gold runs to new highs). But the bottom has been put in.

Statistics: Posted by DIGGER DAN — Thu Aug 23, 2012 12:40 am