We’re still in Sydney today with the Gold Symposium having finished yesterday. Unfortunately some workmen have dug through the phone line at our hotel so we’re trudging along slowly on mobile broadband and running out of time. So we’ll have to keep this very brief today.
The Symposium was useful to attend – nothing earth shattering learnt but we’ll have some reports back from it in the next couple of weeks. featuring the likes of Jim Rickards, Egon Von Greyerz, and Dan Denning from the Daily Reckoning Australia. We might even aim to have a proper newsletter for the week out tomorrow or Friday with an initial report from the symposium.
Anyway some quick thoughts on what gold and silver have done overnight…
Gold in US dollars initially was as high as $1730.08 in early Asian trading before falling sharply lower to $1703.93 before finishing out the day on $1707 for a 1.25% drop.
Silver was hit even harder falling to $31.55 and ending the day around $31.66 for a 2.35% drop.
Here in NZ, the weaker kiwi dollar negated some of the US gold weakness with gold in NZ dollars lower by around $11 per ounce to $2105.60, whereas silver fell nearly $20 per kilo to $1255.23.
Looking at the NZ gold chart, we are now touching the lower boundary of the channel that NZ dollar gold has been trading in for the last few weeks. If it doesn’t bounce from here, the next level of support is around the 200 day moving average which stands around the $2075 level.
For NZ dollar silver, we are also closing in on the 200 day moving average at $38.62. As we mentioned in last weeks newsletter, the levels of support below this would be $37.50 which was the initial breakout area and $35 which would retest the downward trendline.
So prices are down sharply on where they were a week ago and we are closing in on the areas of support that we mentioned last week. So we are in the zone of what looks to be a decent area for accumulating precious metals.
So if you’re wanting to buy we can still take orders today from here in Sydney. As usual via either one of the options below:
We are not financial advisors, accountants or lawyers. Any information we provide is not intended as investment or financial advice. It is merely information based upon our own experiences. The information we discuss is of a general nature and should merely be used as a place to start your own research and you definitely should conduct your own due diligence. You should seek professional investment or financial advice before making any decisions.
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