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 continuing themes. Mike graduated with a business degree and spent years as a financial advisor, before moving to New York and to pursue a career in IT and education. For more than a decade Mike has been working with the Adam Mesh Trading Group as a stock market and commodities mentor. He’s trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to educational webinars.

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 keeps him in touch with "the student mindset".

Mike focuses on the precious metals markets, the energy industry, and the financial sector. His motto is "Plan your trade, then trade your plan!"

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