It's Ugly For Gold And Silver
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
There have been some ugly periods in history for gold and silver, but this is one of the ugliest. Neither goldnor silver can catch a bid as they both continue to take the elevator down, making new lows almost every day.
Sellers meet every rally attempt, whether itâ€™s the commercials or the banks; there is a 1,000-pound gorilla sitting on top of the market. The situation is starting to appear hopeless, and frustration from the bulls is becoming more evident.
However, there is hope and like all great sell-offs in markets, this too shall end. We canâ€™t say when, but we know with certainty that it will. As the elevator moves down, the next stop should be $1,240. Will that be the bottom?
There is no way to predict the exact bottom. One day the metals will stop going down and because markets donâ€™t announce themselves, there will be a new bull market. For now, the best trade is patience and observation.