GOLD is the money of the KINGS, SILVER is the money of the GENTLEMEN, BARTER is the money of the PEASANTS, but DEBT is the money of the SLAVES!!!
Wednesday, March 9, 2016
Gold and Silver prices may fall this week as Investors take profits
Gold and Silver prices may fall as Investors take profits
Today is Wednesday 9th March 2016 and we are urging our subscribers to be a little cautious about the price of gold and silver for the rest of this month.
Well today we saw that April Gold futures sold off sharply during the Asian session, recovering slightly during the European session before sellers hit it again shortly before the U.S. opening. The market is currently trading at $1252, down $10.
Worries about the expected monetary policy easing from the European Central Bank and the possibility that the Fed may raise interest rates perhaps as early as June are encouraging investors to take profits.
The SPDR Gold Shares ETF, said its holdings fell 2.4 tonnes on Tuesday, their largest outflow in nearly four weeks thereby pressuring prices.
Tomorrow, Thursday, the ECB is expected to cut its deposit rate by at least 10 basis points and expand its asset buying program. If this occurs and the ECB exceeds this figure then the U.S. Dollar is expected to rise against the Euro. This should pressure the dollar-denominated gold market.
For those who are awaiting dips in both gold and silver prices before acquiring more, may indeed witness these over the next 10 days, so we urge you to watch the markets carefully. We have to add, the market can go either way and a number of technical analysts are still predicting $1300 gold and $16 silver. So we do not believe the peaks have been reached for this year but a temporary reprieve may be on the cards.