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June 2018 Market Comments

Our office move has been successfully completed. Fortunately, it was during a quiet time in the market, just the way we planned.

Gold and silver just made new lows for the year today ($1,275 and $16.60). In spite of the improving economy, fundamentals for owning some metals remain the same. The accompanying charts support that view.

According to the THEORY OF CONTRARY OPINION, one should invest opposite to the crowd. For the better part of past year, the public has been net sellers over buyers. The buyers of gold remain, as always, the central banks (China, Russia) and foreign investors (Asia, Middle East).

Also unchanged are the price targets that will trigger a bull market in metals, $1,370 for gold $21.80 for silver. We wrote in March that these numbers should be exceeded before the end of this year and we still think so.

Our philosophy remains the same: Sell only when necessary. Acquire metals while they are cheap. Take physical possession. If you don’t hold it, you don’t own it!

gold chart

dollar index

power of us dollar