-- Published: Thursday, 29 June 2017 | Print | Disqus
There is speculation all over the internet that more and more central banks are on the verge of legalizing bitcoins and other crypto currencies. Legalizing crypto currencies is a way to ensure that the elite and the state continue to control key asset classes. Bitcoins and its forms were outside the influence of central banks and global controlling forces. Legalizing bitcoins is “If you can’t beat them then join them first and destroy them later”. States will do everything to ensure that you pay high taxes to them. Legalizing cryptocurrencies is to ensure that the common man continues to pay for the expenses of their so called elected representatives. The US dollar is over the verge of getting replaced by bitcoins and other crypto currencies. But I believe that gold will zoom in the intermediate period between crypto currencies replacing the US dollar as the world preferred mode of exchange.
In India, the government keeps on increasing service tax every year. (From July 1st it will GST). Service tax is spending tax. The low income groups and middle income groups save less and spend more. Every Indian pays taxes indirectly. The message is clear, save more and invest wisely for Indians. One needs to curb the lure to spend. How? Now a days every store in India is giving advertisements of pre GST (goods and service tax) sale. Indirectly they are saying that prices of everything will zoom after GST. As a result we buy things which we do not need just because of the fear of higher price post GST. The end result is higher credit card bills, higher monthly EMI and lower savings and little or no surplus funds to invest. I am not getting lured by the fear created by Indian manufacturers of post higher GST prices. I will prefer to invest in Indian stock markets as the long term bull trend is intact. From the part profits I will spend on things which I immediately need and not future needs. The young generation of Indians who have just started earning are buying everything on EMI’s except gold. I believe that installments should be used to buy gold and house and nothing else.
Traders will start taking positions for next week’s US Independence Day vacations and US June nonfarm payrolls. Crude oil and natural gas have enough room to rise. Gold and silver are getting support from a higher euro and pound.
COMEX GOLD AUGUST 2017 – current price $1250.38
Bullish over $1250.10 with $1258.30 and $1274.80 as price target
Bearish below $1244.30 with $1238.10 and $1223.60 as price target.
- Gold needs to trade over $1246 today to rise to $1262 and $1272.
- Sellers only below $1246. Trend is neutral to bullish.
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Prepared by Chintan Karnani
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
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NOTES TO THE ABOVE REPORT
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-- Published: Thursday, 29 June 2017 | E-Mail | Print | Source: GoldSeek.com