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Ouch! Gold Prices Getting Hammered

Commentaries & Views

I woke up this morning to gold and silver getting hammered and although disappointing, this is really not a huge surprise. In fact, I expected a small pullback from the highs at $1,350 in gold, and silver hasn’t broken out to the upside yet.

If you have followed me for any period of time, you know we expected a retracement and had no expectations that the metals would go straight up. Markets in general don’t go straight up or down. There is always a period when they pause and consolidate or reverse. This time is no different.

The rally was perfect and barely took out the highs from February. We are still bullish gold and waiting for silver to break out to the upside and will look at this pullback as a buying opportunity. We will assign levels to buy in the next day or two as the pattern will show us a valid footprint.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.