Metals, the dollar, & tariffs… oh my. Gold & Silver update as we talk about the movement of the USDollar Index over this summer. As we approach August key price adjustments are likely right around the corner. We’ll cover platinum, palladium, the gold silver ratio, commodities, and Tariff talks. Thanks for listening to this week’s Golden Rule Radio, if you enjoyed the video please thumbs the video up and subscribe for more.
Q2 hedge fund letters, conference, scoops etc
Gold & Silver Update, US Dollar Index, Tariff Talks - Golden Rule Radio
Transcript
Welcome back to Golden Rule radio. Last week we said that we thought gold was probably turning around here and on Thursday. I have to say it dropped down into and touched the 50 percent level. If you look way back at a longer term chart. It bounced right off of that level and now we're holding above it nicely.
And I'll go ahead and put it out there Miles. I don't know what your thoughts are today because I didn't get to read your notes but I'll go ahead and put it out there that I think gold is turning around here and come August 1st you better be in.
You know Robert I'm about 50/50 in agreement with you which I know is a cop out answer but I got to be honest right now. So we want honesty coming into that 12 12. I mean we've been talking 12 12 for months now so to see that actually had the long term 50 percent the short term 6 1 8 fib all lining up at the same level and happening in that June July seasonal bottom. So that happened the day that we put our show out last week on Thursday I think we got down to 12 11 and change bounced right back up we got back above 12 30 and we're sitting here in the high 20s low 30s here so there's a couple of different directions we could go. Frankly we need to get back up all the way to about 12 85 and above. I would say to strongly argue that we're making that next push up or we could continue down to the 11 85 786 fib which would be a 3 drives Elliot Wave pattern down with divergence which is going to look real real nice in the long term plus that puts us to that first pullback after we came off the December lows in 2016. We had a pullback a month or so later. Down at around 11 Seventy-Five 11 80 that we've never come back to In Touch. So I do like first moves down after you've changed direction or first moves up on the downside after you've changed direction that we've never come to. So that's certainly a possibility in the next couple of weeks. Although if we continue if we get up another 10 20 bucks this week I think the sky's the limit and we could be pushing up towards the 4500 level maybe even sooner than I thought we would.
I was going to add in the long term 50 percent level that we're seeing gold bounce off of on Thursday is very similar to what the dollar index charts have been showing with 50 percent levels also. And so maybe there's something with that. Yeah. Just on the reverse side because it's the same thing saying you look at the dollar you've got divergence coming up while you're also talking about the first move back up your back down like that 11A.D. number you mentioned with gold. We saw the same thing happened when Trump was being elected on Election Night. That was kind of that first a little pinpoint prick that you see on the charts right at Election Day Night up into the 13 37 level which became kind of upper headwind resistance. So there is something to read into this we're not just kind of making this up in the sky. There is a reason for this to happen and the numbers to follow a certain pattern.
Sure and the dollar definitely saw that head wind resistance you know back in June we got to about 95 5 on the dollar which I think was that 50 percent level. We attempted to retest state here in the last week or so and failed. We only got to just below that or we closed just below that. So we're seeing divergence on the upside. The dollar's now back down to 94 1 with some of the issues when the Trump tariffs that everybody's been talking about and maybe some combatting against theU.S. dollar or a turnaround in the euro which you talked about a month or two ago that we should see the euro find bottom and turn around if the dollar starts coming back down because it really means to get.
