Gold Prices: Holding Steady for Now

This past weekend was quite necessary in the eyes of this Gold Enthusiast.  When there’s a flood of big news for too long, people either get numb or fed up. A small break lets folks calm down, read up on issues that concern them, and be a bit more rational.  This weekend, US taxpayers got to spend some quality time with their 1040 forms.

It’s too bad election day is so far away, so people understand what they’re actually paying for.  Donald Trump didn’t fire anybody new, though a previous employee came back to haunt him.  And people got to read up on the US firing missles at Syria; the internal American reaction doesn’t seem all that bad. At least not in financial terms. The US Dollar firmed up a bit, nearing a 2-year high against the Japanese yen.  

Gold prices held over the weekend, a bit surprising given the dollar’s rise, but not detached enough to be concerning. So consider those news items as in-the-bag, not needing much more attention right now, and let’s look forward.  Venezuela is past hitting the skids and they’re definitely running on them now.

Under Hugo Chavez until his death and now under President Nicolas Maduro, the change from democracy to socialism – touted as the time socialism had finally been implemented correctly – has descended into military control of the streets and possibly the voting booth.  

The Gold Enthusiast highly recommends you read today’s featured article and think about how we can keep the same things from happening here.  And take a moment to send some good thoughts to the people of Venezuela who are struggling under this latest experiment in government.

 Related: A Spark of Life in the Gold Market? Here’s What This Means for You. 

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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