Dramatic Reversal for Gold and Silver
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Almost as if we had seen today’s newspaper yesterday, gold and silver had one of the most recent reversals in years. After the Fed’s decision on Wednesday, the metals got hammered. That selling continued into Thursday morning, but by the end of the day, both had dramatic recoveries.
On Thursday, we wrote that both gold and silver were at key levels of support and that if those levels held, we were on our way back up. Gold had almost a 50.00 reversal and made a new high. Silver not quite as strong but did have a .41 intraday move, indicating there is more room to go with this rally.
The underlying strength in the metals should continue to push these markets higher and all dips to support levels should be bought. Our expectations are $1,500 December gold and $17.00 silver with the opportunity to go higher. The metals are strong and the rally continues.