More Weakness Ahead for Gold and Silver with Gary Wagner

from Kerry Lutz's Financial Survival Network

Gary Wagner joined us for a review of current gold and silver price action and trends. Gold hit its low last month, at just under $1700. Now it’s at $1724. Yesterday we had a weak dollar and US equities moving higher. Gold can’t get out of its own way and everything is negative for it. Short-term we’re in bearish mode. Below 50 and 200 day moving average. At the same time deficits are escalating out of control. A series of events are occurring that are driving it down, but there’s good support at $1700. From what we’re looking at now, we could see some pressure in both metals, so it’s a good time to buy. August was the beginning of a multi-month correction. There’s still weaknesses in the market. Bitcoin hit $60k and now it has corrected. Gary now has a bitcoin report. Gary’s son went short at $60k and expects it to retrace to $45k. Now we’re seeing corporate acceptance.

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