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Are Metals a Buy?

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  • Description

    Senior commodity consultant Edward Meir on whether gold's run is over.

  • Duration 2:58
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They're typically in an uncertain market investors -- in flock to gold and metals as a safe haven but not this time.

In the past month gold is down 6% look at silver -- half percent copper 7%.

So were wondering is the run for metals over Edward near -- senior commodity consultant that I and T -- -- -- -- thank you so much for joining us.

Let's get right to -- because when I look at that chart of gold unwinding -- it's broken below the 200 day moving average which is so bearish on the other hand.

Gold always comes back so to me it looks like maybe it's a buying ready come down.

Yeah I think at some point it is going to be up five but all of these commodities right now our our cost innate in this selling -- fever you know we we we tapped out.

Kind of a perfect storm what we're we're seeing.

A global synchronize -- down.

We're seeing -- Euro crisis again kind of rearing its head after a relatively calm march and April post.

Post the Greek settlements.

So you don't.

These these factors all have combined then and they've even swept gold lower because the thinking is that the Europeans may not be.

Throwing more money -- Greece anymore there might just kick them out altogether so there isn't much of -- case to be made for easy.

I don't you know every time gold seems to slow -- you see all those commercials out there provide gold coins gold the only safe.

Place there's all the gold bugs at what point would you get back animal.

I haven't seen too many of those commercials there's some degree -- -- children US -- -- in the middle -- the -- -- -- -- my -- trust -- What do you think where's -- where -- you get better or not I mean I don't wanna -- -- -- no I think.

I think if we get down to around 15100 which I think is the next test off -- maybe 1475.

In in the real down -- About that would be a good level but I think you know many of these markets are quite oversold so we could see.

We could see a short term bounce if we get the right headline but we're not seeing the right headline.

Coming through just yet silver and copper but what's your take on us.

So -- I think we could get down to around 26 -- forgot to around 7500.

Earlier this year this is on the three month this enemy contract -- -- Even got to 7100.

In late 2011.

I think yes 7500.

Is is probably more likely that 7100 but it's it's probably going to be a bit lower.

From here at least -- -- while law.

She wouldn't get in on any of these it sounds like.

No I wouldn't get in on any of them right now.

-- just would like to see what's going to happen over the next few weeks in fact we've been telling our clients.

End of April and salad -- go -- way.

You know our our times you have to kind of watch things from the sidelines so.

You know we're gonna stick to that position for now it served us well and I watched things from the sidelines you mean keep attend a Fox Business we appreciate that we're -- Thanks so much for joining -- -- appreciate it.

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