Originally published by Chamber of Merchants
Good morning everyone,
As of this morning gold is $1210 USD and $1596 AUD. The USD gold did reach a high of $1215.38, however that failed to break the high of $1215.60 from a few days ago.
Gold would have been higher if the PPT had not saved the general stock market from a sell-off.
silver had a lovely jump up to $17.50 -ish where it is now.
So Australian gold is now back where it was roughly 2 weeks ago. That’s a good thing…
We’ll have to see if the AUD/USD exchange improved on the Australian side because at the moment, it is holding back the gains from Australian gold miners.
Today will either be the start of the next leg up for the gold miners, or one of the last opportunities to offload shares to those that don’t want to miss out.
I unfortunately cannot tell which it is.
A long term gold miner holder should have no issues, while short term traders may risk entering at the peak ahead of a dump.
If I were to enter today, it would be in gold miners that are not at their very peak, but rather the ones that have already experienced a slight correction such as EVN, RMS and others.
This is because, as I said, the AUD gold is price is only $1596 as of this moment, even though the USD gold price gains are far more visible.
I’ll keep you posted.