Gold and silver breaking out to the upside
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Conspiracy theories have kept gold speculators on edge. They continue to look at the so-called metals manipulators yelling out loud that the markets are fixed. However, as we have written on many occasions, price determines the next move, nothing else matters.
This morning gold and silver are breaking out to the upside once again. As we wrote on Friday gold was on a path to go higher, between Thursday morning and this morning at 4:30 am EDT, gold has rallied over $30.00. This move looks to continue and could test the recent highs.
Silver which was sitting is a very tight range was set up to make a big move in one direction or the other. This morning silver is spiking higher as it breaks out to the upside. Silver looks like it will test the recent highs as well.
There has been a lot of action overnight in equities, treasuries and the metals. Sunday night equities spiked higher and have suddenly reversed now lower on the day. Bonds are spiking higher indicating interest rates are falling quickly. This looks like an interesting week which could be very bullish for the metals.