“Tectonic Plate” Movement Suggests Gold Earthquake Coming
by Dave Kranzler, Investment Research Dynamics Like tectonic plates pushing against each other making pressures build up we must wait for that point when we have an earthquake. What history shows is that it may take just a tiny event to trigger major moves after the foundation of such a move has been laid over such a long time. When will it happen? It’s impossible to say, but we are certain it will happen! Everything changes after that. – Julian Philips Julian Phillips is a financial markets journalist and gold market analyst I have been following for over a decade. He’s one of the few analysts who I believe is worth taking the time to read. He certainly is not guilty of being a “perma-bull” and his analysis is supported by facts, data and historicity. Julian’s latest piece was featured on Lawrie William’s LawrieOnGold.com and is worth the read:
New York closed at $1,188.50 up $1 on yesterday [Thursday, May 28] as the trading range tightens again. Today sees the dollar almost the same as yesterday at $1.0949 against the euro with the dollar index at 97.06. The LBMA Gold Price was set at $1,190.40 up $0.95 and the equivalent euro price was €1,087.75. Ahead of New York’s opening, gold was trading in London at $1,189.00 and in the euro at €1,082.43.The silver price fell back to $16.70 up 1 cents in New York. Ahead of New York’s opening it was trading at $16.72. Wednesday and Thursday saw no purchases or sales into or from the SPDR Gold ETF and Gold Trust. The holdings of the SPDR gold ETF are at 715.857 tonnes and at 166.60 tonnes in the Gold Trust. Today, being Friday, is the busiest day of the week for gold and silver in New York as traders and speculators don’t look at one day’s risk but three days. The week has been relatively quiet but the trading range of gold and silver has tightened as they both sit on support. The saying for traders is that if it won’t go up it must go down. The long sideways move of both over the last 18 months disproves that. So which way is it likely to go?