Prices and Charts
Another Dip – Bottom Getting Close?
NZD Gold was down just over 2% this past week. Helped out a little by a weakening NZ dollar.
Overnight NZD gold did dip down to the recent low near $2330. But has since bounced higher.
It’s holding up surprisingly well here. Perhaps we won’t see it head too much lower?
Silver Down 6%
Meanwhile silver really dropped. Down 6% this week. Like gold, silver also touched the 50 day moving average overnight before also bouncing back.
In NZ dollars silver is getting close to a 50% retracement of the strong run higher. While in US Dollars silver actually made the full 50% pull back overnight.
In bull markets a 50% retracement is a common place to retreat to. Especially after a strong move higher. So there is a decent chance of silver bottoming out here.
Picking bottoms is notoriously difficult to do.
So if you’re tempted to wait for a further fall, bear that in mind. Consider taking a position around these levels at least.
NZ Dollar Even Weaker
The New Zealand Dollar is sitting right on the lows from back in 2015. It’s not shown on the chart below, but if the Kiwi breaks this key level, then we risk seeing a move down towards the 2009 lows around 0.5000.
Need Help Understanding the Charts?
Check out this post if any of the terms we use when discussing the gold, silver and NZ Dollar charts are unknown to you:
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Measuring Beer in Gold
We had a question this week about an update of the NZ housing to gold ratio.
So here it is. Read on to see how that ratio has broken lower and where it might go from here.
Plus we have an all new Ratio to check out: The Beer to Gold ratio!
See how the price of beer has varied over the years when measured in gold. This could be another useful signal to track to see when gold finally reaches full valuation. Hint: We are some way off yet…
Update: RBNZ Bank Financial Strength Dashboard – How Helpful is it?
Martin North makes an excellent point in a video we included in this updated article on the RBNZ Bank Financial Strength Dashboard…
Your bank “deposits are unsecured loans to the bank”.
“receiving almost no interest on deposits, or worse still, going into negative interest rates, and having to pay to keep money in the bank if rates do go negative, is put into a whole new light”.
Indeed. One of the reasons people argue against holding gold or silver is the “cost of carry”. You need to store them somewhere. But if you’re getting next to nothing (or worse) in the bank, then gold and silver look even more attractive.
Of course in today’s society you still need to pick a bank. So can the RBNZ dashboard help with this?…
Your Questions Wanted
Remember, if you’ve got a specific question, be sure to send it in to be in the running for a 1oz silver coin.
The New Zealand Dollar could go either way at the moment. As we pointed out recently, “If the 0.62 to 0.60 area is broken, there is no major support until the 2009 lows at 0.50!”
At the same time offshore gold and silver prices may well be trying to forge a bottom here. So right now is a reasonably low risk entry point. An entry point that also gives you some protection if the Kiwi were to weaken even further in the weeks and months ahead.
Give us a call. Or book a time online that suits you for a free bullion consultation.
- Email: [email protected]
- Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
- or Shop Online with indicative pricing
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