News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
Gold Market Wire... Gold Market Wire... Gold Market Wire
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Gold Market Update

Gold Pokes its Head above the Parapet

September 16, 2020 - (Gold Market Wire) - Gold's showdown is coming to an end as the downtrend and up-trends merge and the market makes a cut for a new technical direction. Right now first blood goes to the bulls, although the close will have to hold. It's hardly the world's most bullish indication, but it is one nonetheless and needs to be respected.

an early, but still bullish development...moving above the downtrend

Is that series of "lower highs" coming to an end? We're not there yet technically... but we're getting closer. Buying on the close if we rally above $1975 could make sense. Given the action of the past 5 to 6 weeks, such a move would not fall into the 'chasing strength' category.

We also have to keep in mind, presently, that any move by the ECB to try and move the Euro to a purely digital currency format (a not unlikely proposition it seems) is going to cause precious metals to move higher. Digital currency is fiat money extraordinaire. It opens the door to a panopoly of bail-in and taxation possibilities which will send capital rushing towards Gold and Silver. We have indications from the market that such a move to 100% digital money could be coming soon, with all the dramatic and significant repurcussions that will carry. Such moves can lead to violent retribution from the populace, and one might speculate on the potential for regional alternative currencies to be established and break-away movements to gather pace within Europe and the UK if such things were to hapen. The rumor mill, rife as it is with a possible UBS/Credit Swiss merger, indicates a bank system that is about to undergo a 'religous' experience - brought about by crisis. In such a scenario, Gold, Silver and the usual arsenal of survivalist techniques will be brought to the fore.

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