-- Published: Thursday, 19 March 2020 | Print | Disqus
I had mentioned long before that there will be a big disconnect between future price of gold and silver and physical price of gold and silver. Yesterday physical price of silver was much higher than silver future. One three reasons why I have been telling to only invest in physical gold and physical silver for your retirement. Physical silver price was much higher than future price. One can trade in future for six months to one year. I have been dissuading people from investing in gold/silver exchange traded funds (ETF). Yesterday I was right.
Corona virus is making us switch us to the practices followed by our grandfather and great grandfather. The current generation made fun of these practices but they had scientific reasons. Our grandfather generations invested their savings only in gold, land or to expand business. The current generation is getting a slight hint of the need to invest in physical gold and physical silver.
Every nation and central bank is announcing all kinds of stimulus measures. There will be joblessness in every part of the world. I am more concerned on the spread of the corona virus in India, Indian subcontinent and Asia. The real picture in India, Asia (except China) will be known only by the first week of April.
Volatility will be high. Mine closures and oil rig closures will be there if industrial metals and crude oil fall more. These closures will limit the fall in price.
A bit on Physical gold price in India: Gold price returns are still positive. For the rest of the year as long as physical gold prices trades over Rs.35000-Rs36000 zone, the trend is bullish with every chance of Rs.48000-Rs50,000. Bearish trend in physical gold in India will be there only if gold price trades below Rs.36000. (gold prices are Rs/ten grams). New investors of gold should wait till Monday.
Millennial’s should reduce their obsession towards every depreciating electronic gadgets and start investing in physical gold and physical silver. Not even stocks at the moment.
COMEX SILVER MAY 2020 – current price $1204.00
· Silver needs to trade over $1150-$1170 zone to rise to $1266 and $1366
· Free fall will be there if silver trades below $1150 to $1002.30.
COMEX COPPER MAY 2020 – current price $204.40
· Copper needs to trade over $190.20-$198.10 till next week to rise to $235.50 and $243.30.
· Short sellers keep on booking profit as long as copper does not fall below $190.20.
· Free fall will be there if copper falls below $190.20.
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. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading. Websitewww.insigniaconsultants.in. 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
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
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-- Published: Thursday, 19 March 2020 | E-Mail | Print | Source: GoldSeek.com