Gold Is Now Star Of The Walking Dead
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
The AMC channel has a hit TV show called The Walking Dead. The way gold has traded for the past few weeks, it appears that the metal has now taken the starring role. Metals in general have become comatose at the lower ends of their ranges as they wait for a reason to move.
This type of trading action is very common in all markets. You see markets go through different phases and right now the metals are in the dead phase. Nothing has been able to move gold or silver as they hover near the lows.
There is a huge move coming and the metals will move 10% from current levels within the next few weeks. As the pattern compresses, that only indicates the move will be bigger. Each day the metals pretend they are starring in The Walking Dead, the bigger the move we will get. For now, we are long and will hold as long as the $1,235-$1,240 levels hold.