Gold Holds, North Korea Is At It Again
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Thursday saw gold continue to get pounded, however around 9:00 AM it seemed to find a bottom at $1,291. Gold and silver held where they should have, it doesn’t mean they are out of trouble but it was nice to see them hold our support level. Gold and silver are higher this morning, looking to keep the momentum they built from Thursday’s lows.
One concern about the metals is the rally this morning should be stronger with the issues going on in North Korea. There is talk that North Korea will be experimenting with the H-Bomb again this weekend. Gold has not rallied enough and equities have not sold off enough, indicating a lack of fear.
The complacency in markets in general will lead to a stock market correction and a big gold rally. For now, we are buyers of gold at $1,290 on support. $1,300 will act as resistance on the way back up, this looks like the beginning of a new bull market.