|Spot Price Today / oz||Weekly Change ($)||Weekly Change (%)|
|NZD Gold||$1783.82||+ $9.99||+ 0.56%|
|USD Gold||$1298.09||+ $31.04||+ 2.45%|
|NZD Silver||$25.45||+ $0.72||+ 2.91%|
|USD Silver||$18.52||+ $0.86||+ 4.86%|
|NZD/USD||0.7277||+ 0.0134||+ 1.87%|
|Looking to sell your gold and silver?Visit this page for more information|
|Buying Back 1oz NZ Gold 9999 Purity||$1729|
|Buying Back 1kg NZ Silver 999 Purity||$785|
Gold shot higher this week. In US dollars (bottom half of the below chart) gold made it back up above $1300 for the first time in a month. It has now regained all of the fall that occurred during October.
In New Zealand dollars gold is up too. Although the strengthening Kiwi dollar has dulled the rise somewhat. Nevertheless NZD gold is touching on the 50 day moving average today. It looks likely that the $1750 level (which has been touched 5 times this year) was the bottom.
Silver jumped even more than gold. It too has now regained most of the fall that occurred in October. NZD silver got above the 200 day moving average this week and is now right on the 50 day moving average. It might take a bit longer for it to build enough momentum to get firmly back above this line though.
Our guess is that any return close to the blue rising trendline should be bought.
As noted already the Kiwi dollar has moved higher alongside the metals this week. It too is sitting on the 50 day moving average.
Here’s a chart that we don’t remember posting for a long time – if at all for that matter.
Here’s a decent definition if you’d like one:
So in essence the BPGDM can be a pretty good indicator of sentiment in the gold market in general.
We can see that quite clearly in the chart above. The gold line is the price of gold and it tracks pretty closely to the BPGDM. In July the BPGDM reached the maximum reading of 100! The gold price topped out shortly afterwards. But since then the reading on the BPGDM dropped all the way back to 18! This wasn’t too much above the lows from January of 14.
So this sub 30 level on the index proved to be a good buying point again, as gold looks to have bottomed out during the month of October. As we said for silver keep an eye out for any further dip back down in price as a good buying position.
While we’re looking at charts, here’s a couple articles worth checking out by Clive Maund. They also indicate that gold and silver may have found bottoms recently.
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One issue that worried many in the gold community was the high level of large speculators going long in the futures markets, as noted in the commitment of traders report.
Steve Sjuggerud noted that this appears to be changing.
This was written almost a week ago now and the uptrend in gold looks a little more certain. Another positive indicator anyway if you’re looking for a decent entry point to buy.
Even after the reopening of the investigation into “crooked” Hillary’s emails, the mainstream consensus both here and in the US still seems to be for a Clinton win.
But more and more of the alternative media we read seem to indicate many positive indicators of a Trump victory. The National Inflation Association had some interesting polls stats this week:
And this one:
Meanwhile the US stock market is also not looking good for Clinton according to this mornings Daily Reckoning:
So to us the odds of another Brexit-like surprise outcome seem to be much closer than most would expect.
If Trump wins we will likely see a jump in volatility in the sharemarket. That is already happening after the FBI investigation announcement.
If gold’s correction has ended (as we suspect it has) then we could likely see a decent jump in gold and silver prices with a Trump win. As everyone seems to be bracing for “uncertainty”.
Although HSBC’s Chief Precious Metals Analyst advises to buy gold no matter who wins the election.
Don’t know how Mr Steel manages to come up with such exact moves under each candidate. He must have a very accurate algorithm or something?
But the key point would seem to be that either candidate intends to try and spend their way to prosperity. We doubt it matters who wins. The massive aircraft carrier USA is already on a predetermined course and even Captain Trump likely won’t be able to alter it too much. But he might help to blow the boat up a bit faster maybe?
So to us a gold or silver purchase here looks to be at a pretty good level regardless of the election outcome. Gold and silver might well have finished their corrections from the sharp run up in the first half of 2016.
But there is also has the chance of some short sharp upside if Trump does manage to get across the line.
If you think that makes sense then don’t wait too long to pull the trigger.
Get in touch if you have any questions about the buying process. David is only too happy to answer them.
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Wed, 2 Nov 2016 1:44 PM NZST
We read about this event a week ago but haven’t seen it mentioned too much anywhere else. It’s a change that will potentially add a huge number of new gold buyers to the global gold market from 2017 onwards… These Three Major Catalysts Are Poised to Send Gold to the Moon By Justin Spittler Editor’s […]
Wed, 2 Nov 2016 1:07 PM NZST
Gold mining stocks (or shares as we call them here in New Zealand) have made some big gains this year. But their recent correction looks to have scared many people off. However there are a number of reasons to believe that we are likely still in the early stages of an ongoing up cycle in […]
Fri, 28 Oct 2016 5:49 PM NZST
The indicator discussed in this article has a two fold use. We use it to determine when is the better time to buy silver versus gold. But as explained below it also has the added benefit if you are interested in investing in gold mining shares, of identifying high upside entry times for them too… […]
Thu, 27 Oct 2016 9:19 PM NZST
This Week: Government Destroys National Central Banks to Build Global One 10 Steps to Help You Navigate the Challenges Upon Us A Reset is Coming Prices and Charts Spot Price Today / oz Weekly Change ($) Weekly Change (%) NZD Gold $1773.83 + $15.00 + 0.85% USD Gold $1267.05 – $3.00 – 0.23% NZD Silver […]
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|The Legal stuff – Disclaimer:
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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