Silver breaks out to the upside; gold very close
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
On Monday, the metals had an interesting day. Both gold and silver were higher, with silver breaking out to the upside and gold on the cusp. The strong hands in silver are now the bulls, and with this morning’s higher gold prices, we could see an official breakout today.
The trend is our friend as it has been since the inception of trading. We take money from fools who think they know more than the market and can predict the future. This includes virtually everyone in every kind of investment device. No one can predict the future in anything. We can only follow the footprints which appear within all charts.
Many investors feel they must be right, and I can see the emails coming in asking why we didn’t buy earlier. Gold and silver are no different than any other commodity, stock or index; they leave clues. With silver now breaking out, if this morning’s gold rally holds, we will be buying right after Christmas.
Merry Christmas and Happy Hanukkah.