If there’s anything that was news worthy in oil this week it was quickly lost in the quick quotes of Donald Trump's debate. Here’s the thing, the GOP debate likened to crude oil: nobody cares as long as America wins. So many have been trying so hard to call the “oil glut” a crisis when it’s just the opposite.
An alert sent of mine brought to my attention that this October is going to be Fibonacci 987 months off the 1932 low. Wow! That is bigger than the 2007 pivot I told you about seven months ahead of time.
The Moscow Exchange has announced that it expects to introduce gold and silver trading this month, making the precious metals more accessible to smaller banks. Prices will be quoted in rubles per gram, minimum trades start at 10g of gold and 100g for silver.
The wholesale market gold price traded just above $1,700 an ounce during Wednesday morning in London, having risen back above that level in the earlier Asian session, though they remained near one-month lows.
The bottom line for all of this is that we are just seeing a market correction, not a major collapse, that the medium-term trend is still up, and that you should probably be buying here and not selling.
The dollar cost of getting into the Oval Office has been rising at a stunning pace, and this is no new phenomenon. Interestingly though, the cost in gold ounces of running for office has not been rising nearly so fast.
Metals markets opened marginally higher on this US Election Day as the US dollar traded virtually flat and as crude oil advanced by about thirty cents per barrel. Speculative participants appeared to be willing to take only small bites at the market.