Spot gold and silver saw the slightest of gains on Tuesday while futures were slightly off in what Gold Forecaster‘s Julian Phillips brands a “strange” market, where gold demand is “steady and solid in a relatively thin market, but not swayed by speculators,” who, along with and dealers, “are trying to move gold around with the euro, which keeps going stronger as the dollar weakens.” But, he added that gold “keeps drifting higher as U.S. investors are now net buyers of the SPDR gold ETF in the last three weeks.”
As for the prospect of gold drifting even higher, CNBC, under the headline “These 3 charts tell you to buy gold,” highlights a note from Sterne Agee. The author contends that the investment advisory “remain new buyers and would be new buyers right here, in anticipation of the current ‘bearish-to-bullish’ reversal continuing and gaining urgency as new participants are drawn in.” It goes on to predict that gold will rise to $1,500/oz, but with no timeline, before running into resistance….Read More >>>
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Expected Returns: I’m back!; Do you remember? Why gold?
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Zero Hedge: Stock buyback shocker; Debt – Eight reasons why this time is different; Is the Fed going to attempt a controlled collapse?
Reuters/New York Sun: Fed’s Yellen to deliver monetary policy report to Congress next week; Congress eyes rules for the Fed