Gold Closes In On $1300

gold photo, gold closeup
Written by Mike Hammer

The rally in gold continues.  Donald Trump opened his mouth again yesterday – surprise – and said bearish things about the dollar.  That’s a bit unexpected, and kinda contrary to his campaign rhetoric.  In any case the market responded in the same direction, which is not always the case.  The dollar dropped and gold rose in US dollar terms accordingly.  Then news out of Asia indicates demand is apparently not tapering off, as the news controllers would like you to believe.  Another huge surprise – what people want and what they value doesn’t change overnight.  Both of these things are supporting gold prices this morning.  Of course that might not last, as every 100 dollar increment is a key psychological testing point.  As usual, we won’t try to predict what happens day-to-day, your friendly Gold Enthusiast will simply continue his cautiously-bullish-for-now stance.  The next trade entry point would be if gold cracks above 1300 on the London price fix.

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About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as a continuing theme. Mike graduated from UC Berkeley with a business degree, then worked with Macy's in their operations arm. He left Macy's and spent a summer trading his own account, which taught him a lot about trading in general and markets in particular. Trading through the Black Monday and the Crash of 1987 showed him how most people are unprepared for upheavals in their trading. He then joined Waddell & Reed as a financial advisor, helping regular people understand their finances and meet their life goals.

Then came the usual story - Mike met and married the lady of his dreams. They moved to upstate New York, where Mike worked first for a small manufacturing consulting company, then Cornell University. While loving the work and the higher-education atmosphere, Mike missed the world of finance. Eventually, he signed up for stock trading coaching with the Adam Mesh Trading Group, to learn from people who understood modern markets. Within a year, Adam asked Mike to become a stock trading coach.

Since then, Mike has trained over 200 individuals, spoke at several national conventions, and is a frequent contributor to conference calls across the Adam Mesh community. Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keep him in touch with "the student mindset". Mike closely follows the gold, energy, and financial sectors. His motto is "Plan your trade, then trade your plan!"

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