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Mid-Day Gold & Silver Market Report – 6/26/2014

JOHN BOLLINGER, INVENTOR OF THE BOLLINGER BAND PREDICTS GOLD GOING HIGHER

According to legendary technical analyst, John Bollinger, Gold is set to go higher despite recent highs. The run has just begun. Bollinger is the inventor of the “Bollinger bands”, which is a popular tool for technical analysis. The price of an asset is considered high if on the upper band and low if on the lower band. Physical Gold is on the lower band and according to Bollinger, recent price gains are just the beginning of the run. “If you look at the chart you can see we’ve just finished a really long decline,” Bollinger said. “It started in April of 2011 and really ended in May of last year. That sort of epic ‘backing and forthing’… has existed since then. We call this building a base…There’s a lot of bullishness building up.”

The Federal Reserve Open Market Committee (FOMC) has sent out signals that even after the bond buying program has wound down, they will keep interest rates near zero for a considerable time. This message was repeated again on June 18th. Today, James Bullard, President of the Federal Reserve Bank of St. Louis, came out with a different message. Bullard sees inflation rising as unemployment falls, so we (the Fed) might need to act sooner than we think. Asked about his forecast for the timing of the first interest-rate increase since 2006, Mr. Bullard replied: “I’ve left mine at the end of the first quarter of next year.”

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,318.80, Down $5.80.
  • Silver, $21.167, Down $0.02.
  • Platinum, $1,472.10, Down $3.20.
  • Palladium, $835.90, Up $2.60.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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