Bill Poulos began trading stocks and investing in commodities in the early 1970’s while climbing the executive ranks at General Motors. After thirty-five years of employment with GM, Bill retired to began the next chapter as his own boss. Poulos and his eldest son, Gregory, co-founded Profits Run, Inc., a financial publishing company. Profits Run educates individuals on how to make proper investments with minimal risks. The company has helped over 150,000 people across the globe through its courses, like Earnings Profit Alert. Poulos believes in giving back to the community and celebrating those that do extraordinary deeds to change lives for the better. Bill has been married to his high school sweetheart for fifty years. They live in Michigan, where they enjoy spending time with their two grandchildren. Below, Bill shares the week’s commodities update with us.
Gold opened this week at $1488 per oz and is currently trading late on Friday’s trading session at just above $1490 per oz. Gold has been stuck in a trading range between $1480 and $1498 all week, which is not entirely new, as the market has been rangy for the last several weeks. The difference this week is that the trading range has been held below the $1500 per oz. mark. We are seeing mixed fundamentals largely responsible for the tight trading range. There is currently some optimism over Britain’s Brexit issue and the US. Trade agreements with China this week, moving to put a lid on Gold prices, while at the same time worries over weaker than expected economic data from both the U.S and China are underpinning the demand for Gold. These combined issues are working to keep the price of gold very flat especially late in the week. With Friday’s open right at $1491.78 and late trading at $1491.50 a very flat market indeed. We will be looking for a break one way or another next week, as additional news comes out on the overall health of the economy.
Silver prices have been very slow and steady this week in a very flat trading range, like its more expensive relative Gold. The price has been hovering right around $17.50 all week, opening on Monday at $17.54 and trading late on Friday at $17.59. Currently support is sitting about $17.35 and resistance is right about $14.75 a very tight range indeed. While silver is in this consolidation, the market is looking for new economic data to push the price up or down, as this flat of a range won’t last very long.
This week we have seen oil trading inside of the October range of $55 and $52 per barrel. We have seen a drop in overall crude prices with US Crude opening at $54.78, near the top of the trading range, and looking to close on Friday around $53.50 for the week, right in the middle of the trading range. Helping to keep the market in this range has been mixed news. This week was caught by surprise news of higher than expected inventories. A tropical storm spun up east of Mexico, and moved into the Gulf of Mexico over the weekend, which could potentially disrupt the oil supply chain. The market will be following these developments closely over the weekend, so get an idea of potential price moves early next week.