Greetings!,

The major fundamental factors that have been driving the bull run in gold have been absent from the marketplace recently. A stronger U.S. dollar and weaker crude oil prices contributed to gold's $8 loss today. It also seems that currently we are being dealt a wild card almost every day.   

Reuters News Service today reported that Syria is selling its gold reserves as international sanctions begin to bite. The article explains that in order to raise desperately-needed revenues Syria is trying to move its gold reserves through back door channels. According to a Western diplomatic source, Syria is selling at rock-bottom prices. A second diplomatic source confirmed this report, Reuters said.

Specifically, according to two gold traders from the United Arab Emirates, the Syrian government has been offering to sell its gold at a 15% discount to current market price. 

Whether this activity by the Syrian government put any real major bearish influence on gold, it is hard to say. What can be said with certainty is that the international sanctions against Syria are beginning to have some teeth.

As always, wishing you good trading,

       Today's video 

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Proper Action

 GOLD & SILVER :

 Gold: Maintain long in gold @ 1650 avg Stop below 1623 

Silver:  Maintain  Long @ 32.46 avg Stop below 30.52 

MARKET FORECAST

Gary S. Wagner

Gold & Silver: on a technical basis the market continues to be influenced with
by a bearish undertone. The corrective model that we have been looking at has been a triangle correction. Today's video will discuss the critical guidelines and benchmark prices gold must hold in order for this model to continue to be valid. 

Gold Chart

 Silver Chart:

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