– Double and triple bottoms in NZD Gold?
– Watch the USD dollar as Iran begins trading oil in other currencies
– Iran and “false flags”
– What else to read on Gold and Investing?
– Buy silver for only 5% (+ ingot charge) above spot price.
Last week we mentioned an article from King World News that reported that the sell-off in gold might already be over. As it turned out, that was premature as over the past week gold has fallen further. Yesterday gold was trading just above $2000 an ounce for what could potentially shape up to be a “double bottom”. Or looking back over last year in fact it could be building for a “triple bottom”. (Triple Bottom Definition)
We’re not there yet as the price has to reverse and clearly bounce back up off the $2000 level, but today it is back up to about $2018 as we type, so we will wait and see.
Next “support” after $2000 would be the old “resistance” at $1950. Where we haven’t been since the middle of last year. Something we just noticed and have circled on the chart is when gold in NZD “gapped” up back in August last year. You’ll see the price jumped from $2000 to $2040 overnight. Often when this happens it may drop back to “fill in” this price. It seems that’s what it has done over the past 6 or 7 months.
What the price may do in the future is just crystal ball gazing. But the current price was last seen briefly at the end of December and prior to that, not since a brief one day spike in September. So that makes it a pretty good deal by our reckoning.
As always we say be careful about buying in one hit though. If anything the movement in price over the past 6 or 7 months only serves to back up this theory that you are best to spread your purchasing out over time. It’s pretty tough (or extremely lucky!) to get in at the exact bottom.
One final thought since we are in technical analysis mode this morning. Up the top of the chart you’ll see the RSI indicator which we’ve circled is currently at about 40. So this is closer to oversold than overbought. When this indicator is at 30 or below it usually indicates oversold and closer to a bottom than a top.
On the subject of King World News we just read the latest from Eric King’s mystery “London Trader.
In this interview “London Trader” discusses sovereign buyers loading up on gold at the moment. Importantly that is physical gold. But also to watch the dollar because today is the day that Iran is due to start trading oil in other currencies. (One of which is rumoured to be gold).
Jim Sinclair has also discussed this fact recently. The US has actually pointed the gun at themselves by making it impossible for Iran to trade their oil in US dollars like every other petrol producer does. They are in fact setting up a weakening of the US dollar! As we discuss in our ecourse the fact that the USD is the reserve currency and used to transact all commodities is a huge advantage to the US. One that it seems they are doing their best to lose. So this could be the precursor to a further down trend starting for the US dollar, and conversely a rise in commodities such as gold and silver.
Also on the subject of Iran is a video we watched last week. We’ve actually placed it on the website along with another video by the same person. In one of these videos he discusses possible coming “false flags” one of which may be some kind of staged event to justify an attack on Iran. Along these lines, we’ve also read this past week how the US has sent it’s oldest Aircraft carrier USS Enterprise which is due to be decommissioned later this year to join 2 other carriers off the coast of Iran. One theory we read is that this ship will be expendable and placed in “harms way” as a precursor to an an attack on Iran. We live in interesting times…
Our other article for the week is a list of recommended reading from all the Casey Research editors. There’s a wide range of books to look at there to further your knowledge. A reminder we’ve also got our recommended list which you can see on the right hand side of any page on the website, down towards the bottom.
One of our suppliers has had silver 1kg and 5kg bars available for sometime at only 5%(+$13.80 ingot charge per bar) above the silver spot price for orders of 5kgs or more. This is a massively cheaper price than anyone else. However we haven’t publicised this too much as their supply has been so slow that it has been a number of months after placing an order that they could deliver.
Well they have been able to secure more supply and so the wait time is now down to less than 2 weeks for them to produce the bars. You also have the option of paying a 20% deposit upon ordering and the rest at delivery time to further sweeten the deal.
So if you’re interested in getting some silver for what we believe is the cheapest available in the country then give David a call, email, livechat and he can get you a specific quote.
1. Email: email@example.com
2. Phone: 0800 888 GOLD ( 0800 888 465 )
Have a golden week!
Glenn (and David).
Gold Survival Guide
This weeks articles:
Casey Research (and our) Recommended Reading
There’s a wealth of information out there in the “blogosphere” but there’s also a multitude of books to read on the subject of not only precious metals but investing and economics too. So where to begin? A few recommendations is always a helpful place to start from. Below is listed a number of the favourites […] read more…
Top 5 Places Not to Be in a Global Dollar Collapse
Here’s a video that pulls no punches about what is coming down the pike in the not too distant future. The video outlines why this monetary event will likely be the biggest such event to strike humanity in history. The producer then goes on to give his opinion on the 5 top places not to […] read more…