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Factors Aligned Against Gold

Topics [ gold market gold prices silver prices silver market ]

WHAT OTHERS ARE THINKING

The European Central Bank disappointed investors Thursday after president Mario Draghi said it was ready to take action on the debt crisis but failed to offer any immediate action. Stock markets and precious metal prices all dropped on the news.

Summing up the negative factors ranged against precious metals, Kitco analyst John Nadler cited the Fed and ECB announcements in combination with the imminent summer holiday season in the Northern Hemisphere.

Peter Schiiff, CEO of Euro Pacific Capital wrote “many investors believe the yellow metal has topped out and are selling into every rally.” Faced with market pessimism and “tides of propaganda saying that gold has no value or is the refuge of doomsayers”, the renowned gold bull is stocking to his guns: “At the end of the day the gold price is not a mystery – it's a proxy for dollar weakness.”

Full story: Resource Investor

Elliott Wave market analyst Avi Gilburt admitted he’s surprised that precious metals failed to rally as predicted some months ago. Sentiment regarding silver is beyond bearish, he wrote. “These levels have not been seen in decades, and it tells us that silver is ripe for a reversal, but still may need one more washout drop to trigger the reversal.”

Full story: The Street

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