Bill Poulos is an experienced investor, published author, and the co-founder and president of Profits Run, Inc. The financial publishing company was created in 2001 by the father son duo, Bill and Gregory Poulos, from the family’s kitchen table. Profits Run provides publications on proper investing strategies through software, online courses, and coaching. Over the last 18 years, the company has helped over 100,000 people around the globe in managing their wealth. Bill utilizes his extensive investing and manufacturing knowledge to author articles like, Will This Change Manufacturing Forever?. Poulos and Profits Run recently created the Profits Run Starfish Award to recognize individuals like Rachel O’neill. Bill and his wife, Karen, met in high school and got married in 1969. They have three boys and love spending time with their two grandbabies.
Gold opened the week just below $1500 per oz and initially fell, crashing on Monday down to a low of $1464, but as has been the case recently, the market has really held the support of $1450-$1470 range as a significant area for buyers to come into the market. Tuesday, Wednesday and Thursday the market rallied back above the $1500 and is currently trading late Friday just above $1505. Friday’s trading has remained range bound and looks overall neutral after the September Jobs data came out a bit lower than expectations, keeping a FED rate cut on the table. With the consolidation back to the $1500 level, next week will help determine if there are still enough buyer to push the price out of the consolidation and continue higher or if profit-taking will move prices back down to new support at $1480 or lower.
Silver opened the week just above $17.50 per oz and then initially dropped back to August support levels around $17.00 per oz. This was a major test of the significant support established right at $17.00. The test was would it hold or break lower. But on Tuesday, there was no question that at $17, there were plenty of buyers to come in and push the price right back to the week’s open on Tuesday and Wednesday. But then we have consolidated Thursday and Friday with trading just above $17.50 in late Friday trading. Friday’s slightly weaker Non-Farm Payroll numbers did create some choppy trading early Friday, but in the end the price is settling down to a neutral close. Next week, Silver like other precious metals will be testing this week’s range, too see if price will break out of the current consolidation between $17.00 and $17.50 per oz.
US Oil prices opened the week on a very negative note, opening above $56 per barrel and dropping down all the way to a low of $51.03 on Thursday. While the close on Thursday was up off the lows at $52.27, we are testing the lows set back in early August, and clearly moving past any residual effect from the Saudi Field bombings. Friday, oil prices continued to slide on Friday’s open, but as the Payroll data was released, Oil was able to catch a breath and with a lower unemployment rate and slightly weaker than expected, but still solid numbers, the fear of recession was abated at least for the time being and oil moved slightly higher for the first time in 10 trading days. This is looking like the Significant support of $52 may hold. if the economy stabilizes and maintains current growth, we may see a bounce off this level over the next several weeks. The next key support to watch is right at $51 per barrel, where we have gotten a bounce three previous times this year in June and Aug.