Gold Made Simple News Goldmadesimple@cmp.dotmailer.co.uk
Mar 31 (2 days ago)This week is really all about the very sorry state that the UK economy finds itself in. Our main article features news from the OECD that they're predicting that the UK will officially be in recession next week when we get a first look at the GDP figures for Q1 - Nobody should be surprised by this, after all taxes have gone up, the debt has increased by some 30% in two years and unemployment is higher now than the peak reached at the height of the recession. In short we're still in the same recession that started in 2008. No prizes for what we think the BoE will do as a result of this news.
We also feature a very interesting clip of Bill Gross, who runs the worlds largest bond fund, essentially advising every investor to look towards adding gold to their portfolio - and this is from a bond guy.
Before we get into gold's performance this week we'd like to draw your attention to a very special offer that Gold Made Simple are running. We have a 1kilo gold bar that we're going to sell at the spot rate of gold. Usually a 1kilo gold bar sells for anywhere between 2%-4% over the spot rate, we can virtually guarantee that you won't be able to buy a 1kilo bar cheaper anywhere in the UK.
However we only have 1 bar to sell at this rate and will be sold very much on a first come first serve basis - for more details go to www.goldmadesimple.com.
On the gold front we're at the end of another month (maybe Mckenna was onto something about timing speeding up after all?) and it's looking like gold will be putting in back-to-back down months. This will only be the 12th time that gold has achieved such a feat in the entirety of its 12 year long bull market.
A couple of weeks ago we put out a piece looking at the amount of 'up' and 'down' months over the course of gold's bull run. We found that there has never been a time since 1999 that gold has put in 3 consecutive down months. Something to remember as we head into April.
On a weekly basis gold got off to a great start on Monday rallying all the way up to $1690/£1060 on the back of Ben Bernanke hinting at more money printing to come. But after that gold has drifted lower for the rest of the week.
Yesterday we got all the way back down to $1644/£1034 before staging a come back today to close out the week and the month around the $1663/£1040 level and once again flat on the week. This is the third week in a row that we've closed on a Friday at these levels.
Silver is very much the same as gold, for the week it has put in a 'doji' formation (essentially silver's gone up, gone down and then ended the week back where it started) and is looking to close around the $32.2 level - fractionally up on the week.
Last week we postulated that gold had bottomed at the $1630-40 level - this week certainly adds weight to that argument but we're not going to know for sure for the next couple of weeks as the precious metals market looks set to be stubbornly indecisive for a while yet.
Have a great weekend - the Gold Made Simple team
From : www.goldmadesimple.com.
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