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WHAT OTHERS ARE THINKING
The European Central Bank
disappointed investors Thursday after president Mario Draghi
said it was ready to take action on the debt crisis but failed to offer any
immediate action. Stock markets and precious metal prices all dropped on the news.
Summing up the negative factors
ranged against precious metals, Kitco analyst John Nadler cited the Fed and ECB announcements in
combination with the imminent summer holiday season in the Northern
Hemisphere.
Peter Schiiff,
CEO of Euro Pacific Capital wrote “many investors believe
the yellow metal has topped out and are selling into every rally.” Faced
with market pessimism and “tides of propaganda saying that gold has
no value or is the refuge of doomsayers”, the renowned gold
bull is stocking to his guns: “At the end of the day the gold price is
not a mystery – it's a proxy for dollar weakness.”
Full story:
Resource Investor
Elliott Wave market analyst Avi Gilburt admitted he’s
surprised that precious metals failed to rally as predicted some months ago.
Sentiment regarding silver is beyond bearish, he wrote. “These
levels have not been seen in decades, and it tells us that silver is ripe for
a reversal, but still may need one more washout drop to trigger the
reversal.”
Full story: The Street
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