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$1740 Needs To Hold or We May Test $1690
In Thursday’s daily I wrote that Andy Hoffman was 100% in gold bullion. He was quick to correct me – Andy has 60% of his investments in physical gold and 40% in silver, now stored safely away with the Miles Franklin Precious Metal Storage Program in Montreal. So he is handling his portfolio much in the same manner as my portfolio and my son Andy’s.
I asked my friend, Trader David R where he thought gold and silver were headed in the short-term. He replied:
$1740 needs to hold in gold otherwise we test $1,690. Silver looks very heavy and if we go to test $1,690 in gold, silver will test $30. Overall the market seems heavy here. I don’t know what is up at $1,800, but can only assume the central banks that bought gold around $1,550 were taking profits up there. Overall down around $1,690 will be a dip to buy! Government printing $75 Billion per month, but if U.S. data continues to look good then no roll of operation TWIST could mean much lower metal prices. It’s a very tricky market right now.
That’s the way the traders see it.
We leave this morning for Miami. The long-range weather forecast predicts SNOW flurries next Saturday in Minneapolis. We’re getting out just in time. We’ll be back for 10 days in late November. We will spend Thanksgiving with the family and a week later we will host the annual Miles Franklin Holiday Office Party. Ranting Andy Hoffman, Bill Holter and wives will be on hand for the office party too. It will be my first face-to-face with Bill, who just recently signed on with Miles Franklin to write exclusively for us. With Ranting Andy Hoffman, Bill Holter and me all on the same team, our two daily newsletters offer a tantalizing amount of not-to-be-missed information.
I’m not sure if I will be able to knock out a newsletter for tomorrow. It takes at least a day to get settled in, but for sure I will publish from Miami on Wednesday.
Similar Posts:
- Gold Has Been Trending Up Since May
- Ellis Martin with Miles Franklin’s Ranting Andy Hoffman
- There’s No Place Like Home
2012-10-15 21:01:16
Source: http://blog.milesfranklin.com/1740-needs-to-hold-or-we-may-test-1690
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