Gold, Silver Hold In Tight Range
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Metals managed a small gain on Wednesday as equities regained all of Tuesday’s losses. The fear, no-fear trade has had no effect on the metals the last couple of days, which supports our views that markets trade independently and are not always correlated.
Gold has been consolidating for the last four days as it tries to hold gains and keep the bottoms in place. Silver has been in congestion for months. Both metals now look poised for a run to the upside. The lows appear to be in, clearing the way for an extended rally.
Commodities are looking strong and are looking to continue their upward momentum. Gold and silver look like they are ready to join the party. Our expectations are equities will sell off, bringing new money to commodities, especially gold and silver.