MARKETS UPDATE (2:15 pm EST)
I live in the Northeastern United States and woke up today with snow literally piled up against my doors and windows, so I am just going to post a short blog here as I do need to attend to the task of digging out.
There are no changes to our positions (long gold, silver, and crude oil) today.
Even though the precious metals seem reluctant to "take off" at the moment, they are holding well above their support (and our stop loss) levels, and we are still anticipating a good rally here.
The U.S. jobs report issued today showed better than expected numbers, and this seems to have had a positive effect on the broad stock market, which continues to look very bullish. The U.S. Dollar, which was showing some weakness yesterday, also seemed to benefit from the jobs news and surged up significantly. This dollar strength may be a factor in holding down the precious metal prices. It is important to keep in mind, however, that the effect these reports have on markets is often temporary and superficial.
Crude oil's situation is unchanged and we are maintaining our long positions here as well.
Bottom line: we are still long gold, silver, and oil and out of the broad stock market and Swiss Franc for now.
Now I'm off to tackle the snow!
I live in the Northeastern United States and woke up today with snow literally piled up against my doors and windows, so I am just going to post a short blog here as I do need to attend to the task of digging out.
There are no changes to our positions (long gold, silver, and crude oil) today.
Even though the precious metals seem reluctant to "take off" at the moment, they are holding well above their support (and our stop loss) levels, and we are still anticipating a good rally here.
The U.S. jobs report issued today showed better than expected numbers, and this seems to have had a positive effect on the broad stock market, which continues to look very bullish. The U.S. Dollar, which was showing some weakness yesterday, also seemed to benefit from the jobs news and surged up significantly. This dollar strength may be a factor in holding down the precious metal prices. It is important to keep in mind, however, that the effect these reports have on markets is often temporary and superficial.
Crude oil's situation is unchanged and we are maintaining our long positions here as well.
Bottom line: we are still long gold, silver, and oil and out of the broad stock market and Swiss Franc for now.
Now I'm off to tackle the snow!
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