As we suspected we have seen a very quiet day of trading today with US markets closed for Labor Day, though there are some interesting things happening in the futures markets.
Although gold is under a little pressure, down $3 or so on Friday's close, silver is $0.70 higher and is trading back above $24 an ounce. In our view, the relative strength of silver in this rally is further proof that we are at the beginning of a new bull phase - silver always under performs gold in a bear market and outperforms in a bull market.
Look at the daily chart in silver compared to gold in the period to the end of June lows - silver was far weaker, falling harder on declines and rising less during counter trend rallies. However, the picture is now drastically different with silver forging higher at a much faster rate than gold. As a consequence, the closely watched Gold:Silver Ratio or GSR (the gold price in dollars divided by the silver price in dollars) has fallen from a peak near 70 to currently trade around 57 - clearly a falling GSR is indicative of a bull market whereas a rising GSR indicates a bear market in precious metals.
The dollar is steadily rising and this will bear watching, as a resurgent dollar has the potential to cap gold's advance and limit future rallies.
Oil remains very volatile at this time as the effects of the recent Syrian situation resonate through the market, which is very sensitive to events in the Middle East for obvious reasons. We note that oil continues to trade above $106 a barrel and looks to be headed higher eventually, regardless of the crisis in Syria.
We should see trading return to normal tomorrow as the US traders return to their desks. We are still wait to see 1370-1372. the better place to open long position We think ...
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YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
Do your own due diligence.
No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
King Regards
