Greg Weldon: Gold is a “coiled spring… the breakout is here, fundamentals are in place, technicals are compelling”

Saturday, August 19, 2017
By Paul Martin

Precious Metals Heat Up on Possible Fed Pause, Trump Turmoil
August 18th, 2017

Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.

Coming up we’ll hear a wonderful interview with Greg Weldon of Weldon Financial and author of the book Gold Trading Boot Camp. Greg gives us his thoughts on the dangerous scenario that could ensure if a selloff drives everyone out of stocks all at the same time, shares his opinion on Bitcoin and also tells us why he views gold as a coiled spring waiting to release. Make sure you stick around for my conversation with Greg Weldon, coming up after this week’s market update.

Downside volatility hit financial markets on Thursday as concerns grow about the political path forward for the White House. President Donald Trump again finds himself under heavy criticism from the media and also from a growing chorus of establishment Republicans. More on that in a moment…

But first, let’s review this week’s market action. Precious metals prices retreated early in the week but bounced back Thursday, benefiting from some big outflows from the stock market. The S&P 500 dropped 1.5% to a new low for the month. Gold gained about $10 Thursday, and for the week is now up 0.3% to bring spot prices to $1,294 an ounce. Silver shows a slight decline on the week of 0.3% to trade at $17.12 as of this Friday morning recording. Platinum is also down 0.3% to $985 per ounce, while palladium is up 3.0% to $924 – a new high for the year and a multi-year high.

Metals markets got a nice bump from the Federal Reserve minutes released this week. Those minutes from the July meeting revealed a growing reticence among Fed governors to raise interest rates any further.

But gold and silver prices may also be benefiting from rising fears about the ability of President Trump to get anything done on the tax front – or at this point even continuing to stay in office. It’s no exaggeration to say that a soft coup attempt is now underway.

Democrats, corporate CEOs, the legacy media, and even some Republicans made bold moves this week to try to delegitimize Trump’s presidency and lay the groundwork to force him out of office.

Multiple CEOs quit Trump’s Manufacturing Council in protest, leading him to disband it.

The biggest establishment voices within the GOP – Romney, Ryan, McCain, Graham, Rubio – all came out with similarly worded statements rebuking the president. Other Republicans went even further and implied that he was unfit to lead. Democrats have been trying to find grounds for impeachment since practically the day Trump was sworn in. Now they’re considering a constitutional run around to be able to declare him unfit for office and remove him that way.

Now, everyone would agree – even Trump supporters would agree – that the president has made some mistakes and has misspoken from time to time. But this latest controversy over Trump’s response to Charlottesville seems to have grassroots Trump supporters rallying to his defense.

While condemning the mowing down of several counter-protesters by a young neo Nazi driving his Dodge Charger, Trump dared to call out the “alt-left” for its own part in initiating violence.

The alt-left are made up of anarchists, communists, Black Lives Matter, and so-called Antifa. And let’s be clear, they don’t just attack Nazis. They attack anyone and anything that stands in the way of their radical agenda.

The alt-left engage in politics by smashing windows and skulls. They have started riots at college campuses to prevent conservatives from speaking. They have doused Trump supporters with urine, feces, and pepper spray. They have called for, and I quote, “all manner of physical violence” against Trump supporters and capitalists. One recently tried to assassinate Republican members of Congress on a baseball field. Last year, alt-left terrorists assassinated multiple police officers. And just this week a Missouri State Senator publicly called for President Trump to be executed.

It shouldn’t be difficult for prominent Republicans to join Trump in denouncing political violence on all sides, including the alt-left. But they chose instead to sign on to the fake media narrative that the alt-left are blameless allies in the fight against bigotry.

With their new legitimacy, radical leftist street thugs will be further emboldened to take the law into their own hands wherever they see fit. Their latest threats have caused multiple free speech events that were planned across the country to be cancelled.

This week also brought a tsunami of new ideological purges on social media sites, payment processors, dating sites, even cruise ships. Individuals and groups who have nothing to do with Nazis or white supremacists have had accounts and reservations cancelled because they were suspected of being right wing. The vandalism and dismantling of historical statues and monuments is now proceeding on a totalitarian scale. The alt-left will not be satisfied until nothing tangible is standing from any part of our history that they regard as tainted.

All this, in turn, only serves to grow and further radicalize elements of the alt-right that believe a civil war is coming and who may even be welcoming it. To be sure, America has entered a dangerous cycle of escalating tit for tat political intolerance and outright violence. America as the Founders envisioned it only works if all sides agree to respect the principle of free speech – and air their differences through arguments rather than violence.

The Rest…HERE

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