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Straight UP! Gold and Silver Respond As They Should

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Published : August 26th, 2019
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Category : Gold and Silver

With the opening of the Globex the metals jumped on a rocket ship and spiked higher. This should’ve been expected as currencies and equities futures are moving lower. When the Sydney market opened 30 minutes after Globex both metals came back a little. As of this writing Hong Kong is about to open and we believe the climb higher will continue.

London will open at 2:30am EST and we should see a pull back from there. Will gold take a look at $1,600 tonight? Will silver hold above $17.50 and wonder into the area of $18? Don’t be surprised. Don’t be surprised to see the metals preform really well all week, unless Trump sends out a tweet that send the markets reeling in the other direction.

ZeroHedge published a series of charts showing the good news and the carnage

In early Asia trading, offshore yuan has extended Friday’s collapse, testing the lower edge of the PBOC’s Yuan trading band once again.

Yuan traded as weak as 7.1925 against the USDollar…

Spot Gold has exploded higher, testing $1550…

Source: Bloomberg

With gold rising and yuan plunging, the Chinese currency is at its weakest against the precious metal since 2012…

Source: Bloomberg

US Equity futures are reeling with Dow Futures down over 400 more points…

Is this the move we have been awaiting for the past six years? If you haven’t listened to the Jeffrey Christian interview from Friday, you should. – Click here now – Love him, hate him think of him what you will, the thing is the company he works for owns the buttons that push gold and silver higher and push gold and silver lower. If you overlook what he says about is happening or what he thinks is going to happen you do so at your own peril. Do I like him, do I want to have a beer with him or watch a game with him – no. I do, however, want to know what he has to say about these markets that rigged beyond belief.

Don’t forget to watch the dollar / yuan inversion. As Turd Ferguson has taught us all, this is a direct reflection of how gold will respond. The dollar / yuan trade moves and then gold echoes that move in very short order.

Keep an eye out for the next several hours and be sure to check back first thing in the morning to find out what happened and what clues we have picked up to see how the day and the early part of the week should play out. Exciting times indeed!!

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Rory Hall, Editor-in-Chief of The Daily Coin, has written over 700 articles and produced more than 200 videos about the precious metals market, economic and monetary policies as well as geopolitical events since 1987. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver and Silver Doctors, SGTReport, just to name a few. Rory has contributed daily to SGTReport since 2012. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Gerald Celente and Peter Schiff, to name but a few.
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