Gold & Stuttgart

armstrongeconomics.com

QUESTION:

At Stuttgart you said gold coins would be one asset people could use against the banks and that there is some seasonal high. Could you explain that a bit more in detail.

Thank you. You deserved the standing ovation.

ANSWER:

Yes, for the individual you can buy gold coins that are familiar to people rather than bars. That is for burying gold in the backyard.

As for the seasonality, June has often been the turning point in gold be it highs or lows. This time we should see a pop and then any decline will come in the fall. A weekly closing above 1239 should confirm the pop to the upside. The key resistance technically stands at 1309 area. Keep in mind that a rally in gold at this time would reflect perhaps a correction is shares and further send money into the short-end of the government debt curve.