Following a 6 week run gold is down 2% for the week. We expect high volatility in gold as crises grow in the Ukraine and the Middle East.
The Fed and its bullion bankers will continue shorting gold futures. Estimates are the bankers are selling 100 times more gold than they have available. Selling gold that doesn’t exist seems very profitable at least for the time being. Should they be called on to make physical delivery, the gig will be up.
As foreign nations continue threatening U.S. dollar status, war looks inevitable.
We maintain our belief that gold spot will linger between $1300-$1350 throughout 2014. This of course does not take into account tumultuous events that can momentarily push gold much higher.
We continue to advise clients that silver remains the best choice for 2014.
Gold Goliath is not your typical gold dealer.