Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

Gold Hard Sell Gives Investors Another Chance To Buy At A Discount

Published 11/17/2016, 03:30 PM
Updated 07/09/2023, 06:31 AM
XAU/USD
-
XAG/USD
-
DX
-
GC
-
SI
-
GDX
-

The dollar jumped again today as it continues to hit new highs against a basket of currencies. The impact is most seen in commodities like gold and silver. Gold fell today, currently trading at $1,214 per ounce.

As gold falls, so do the gold miners. The gold miner ETF (NYSE:GDX) is trading at $21.00 (-3.75%) on the day, as noted in the Investing.com chart below.

This fall in gold and gold miners is giving investors a great opportunity to buy at a discount. The dollar is extremely overbought on the election of Donald Trump. Today it got added juice from Federal Reserve Chairwoman Janet Yellen. It will pull back. When the dollar pulls back, expect gold and gold miners to jump significantly.

I am a buyer of gold miners here. I expect as much as a 10% bounce on the ETF before Christmas. Get ready to see your portfolio shine.


VanEck Vectors Gold Miners Daily Chart

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.