Precious Metal investors were reaching for their Counting Crows CD's early yesterday. After plunging early Monday, off the back of a firm NO to the Swiss Gold...

Jordan Eliseo

The Perth Mint

Precious Metal investors were reaching for their Counting Crows CD's early yesterday. After plunging early Monday, off the back of a firm NO to the Swiss Gold referendum, and a continued collapse in commodity prices, it was indeed looking like A LONG DECEMBER ahead. Silver at one point broke below USD $15oz, whilst gold fell through USD $1150oz, pushing the GSR ratio towards 80, with a string of bearish headlines accommodating the market action - the worst of which 'charted' gold's likely demise to USD $600oz next year! But with India easing restrictions on the bullion market, scrapping their 80:20 rule, negative GOFO persisting, and with the precious metal market close to 'peak pessimism', we ended up seeing a massive reversal in bullion yesterday, with gold heading back above USD $1200oz, whilst silver is now threading to push above USD $16.50oz, a circa 15% move within 24 hours All eyes are now on support between $1180 and $1200oz - if this holds, and gold can consolidate yesterdays' strength over the next few days, then it could be a profitable XMAS period for the bulls


Gold bull since early 2000. Have spent +20yrs working in investment analytics, research & portfolio construction. Author of two books on investing in gold and the causes of the GFC. Lover of markets, competition & technology

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.