Labor Day sees the end of the U.S. summer and everything tends to change as the financial community returns to its desks. Where will they take gold and silver this time?
by Lawrence Williams, MineWeb.com
Today is Labor Day in the USA, the official end of summer as far as the country’s citizenry is concerned, and everything changes. From tomorrow the top bankers, fund managers financiers etc. are back at their desks supposedly refreshed from their summer in the Hamptons, the Caribbean or points further. Summer dependent businesses close down for another year, women start wearing fall and winter fashions regardless of the temperature – and the silly season in news comes immediately to an end. The equity market professionals are back and the next pattern of investment flows will rapidly start to establish itself.
For gold and silver investors everything could change. Some kind of direction will likely establish itself, but whether this will be upwards or downwards remains to be seen. If the past is anything to go by, September can be a strong month for precious metals, but it isn’t always so – take 2011 for example. Arguably the major turning point in the gold price after its heady days through the 2011 summer started immediately after Labor Day that year, but this has tended to be the exception.
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