Melman on Gold & Silver
July 2020 by Leonard Melman
…one thing is certain for the precious metals—these events reflect growing instability—and growing instability has historically been positive for the prices of gold and silver.
One of the most rewarding features of technical analysis is when clear signals are fulfilled by the market and also when those signals conform to the bulk of fundamental information.
Banking problems continue to find their way into the world’s financial media, and we note below that another nation, Slovenia, is now grabbing attention with a banking crisis of their own as well as a downgrading of their national bonds by Moody’s Investment Services.
For “hard money” advocates, this has been a remarkable month. Gold has risen by more than $100, silver has begun to surge, and the headlines are full of news items quite capable of raising public concerns to crisis levels.
Several of the large banks are being investigated for illegal trading by the Department of Justice under the Trump administration, and some have already been indicted.
Although the risk of a federal tax audit remains low, thanks to the Internal Revenue Service’s secret audit selection process every prospector, miner, and mining-related business owner has good reason to fear an audit, but only if they are not prepared.
…Washington and America have never seen a flow of actions by a new President to match what Trump has done during his first three weeks, but those actions suggest two interpretations.
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