They recently recommended and upgraded gold and silver plays, specially miner stocks. Don't miss out.
gold rallys today on rate cut, still looks weak-
The S&P 500 hit a record for the seventh time in eight sessions after the European Central Bank cut rates to record lows and pledged to do more to fight off the risk of deflation
Gold prices are down more than 1% this morning following a report that Chinese gold imports via Hong Kong fell during April to the lowest since February 2013.
Though the news won’t surprise those who heard last week via the World Gold Council that demand in the country fell 18% in the first quarter, it underscores a trend of weak Asian demand that could put investors on the defensive. The country imported 67 tons of gold, down from 85 in March, Reuters reports. Commerzbank’scommodity strategists sum it up for clients this morning:
Gold demand fell in April.
Unless the recently subdued physical demand in Asia picks up again, the gold price risks falling even further, so attention will be focused on China and India, the two most important countries in terms of demand. According to figures just released by the Census and Statistics Department of the Hong Kong government, China imported a mere 67 tons of gold on balance from the former British crown colony in April. This is 21% down on the month-on-month figure and the lowest monthly import volume since February 2013. Although a low figure had already been anticipated, this is nonetheless likely to further weigh on the gold price in the short term.
""To invalidate this entire bearish thesis, I would want to see prices break above 1310 which would create the first series of higher highs. Above 1310, things could get interesting to the long side. But as we sit here today, I would view this as the lower probability outcome. Lower prices are definitely more likely.
Another problem that I see in precious metals is the underperformance of Silver. If there was real risk appetite for precious metals, one would expect the more volatile, more speculative metal to outperform. But we’ve seen the exact opposite. Look how we’re already flirting with this “triple bottom” in Silver while gold is still a ways away. If Silver breaks down here, which looks likely, I would expect Gold to follow soon.""
danny, hope you stayed away, me i just added to my nugt losses for the year. john batchelor got me bullish too soon.