Prices and Charts
Gold Consolidating Before Next Move Higher?
Gold in New Zealand Dollars continues its consolidation around $2100. We could still see a move back down to the $2050 area. But to us a retest of the breakout zone around $1975 is looking less likely now.
Gold seems to be building for its next move higher. Any pullback from here is likely one that should be bought.
It’s impossible to say what the price will do in the shorter term. However in the longer term we do look set up for much higher prices ahead. For more on this see: USD Gold Breakout – 6 Year High Above $1400 – What Happens Now?
Silver is the Star This Week
Silver is the star this week jumping up over 5%.
The breakout we wondered about last week looks to have arrived. With silver setting a new one year high is this the start of something bigger?
We have a full run down on silver in this week feature article below.
The New Zealand dollar is up slightly. Over the past year it has traded in this 5 cent range. That might continue for a while yet. But repeating out thoughts from last week, our guess is the NZD/USD exchange rate is likely to have less of an impact on local precious metals prices. With both gold and silver in US dollars breaking out, those will be the main drivers.
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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Silver Breakout or Silver Fakeout? – Where to Next for Silver?
As you’ve seen in the chart above, silver looks to have broken out this week.
But we have seen these “head fakes” before. So be sure to check this post out…
- You’ll see where the silver has performed a fakeout previously.
- What might be different about this current move higher?
- Including unusual goings on in the silver market.
- Where to from here for silver?
- What price levels should we be looking at?
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.
New Zealand: Bank Bail in Capital of the World
We were sent this excellent video from Digital Finance Analytics (thanks Les). It is quite timely after our recent articles on New Zealand banks derivative positions. And also the New Zealand Bank Deposit Protection Scheme.
Along with derivatives and the bank deposit guarantee they also discuss the risks in the N.Z. banking system…
We can’t highlight enough how undervalued silver remains. This indeed looks like the start of the long awaited breakout, so is an excellent time to buy.
Check out today’s limited volume specials on silver bars and coins. They likely won’t last long.
- Email: [email protected]
- Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
- or Shop Online with indicative pricing
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