Are the bottoms in for gold, silver?
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
We can never say with 100% certainty whether the tops or bottoms are in place; we can only follow the footprints that the markets leave. We use proprietary algorithms that never reversed, leaving us long the gold and silver markets. Combine the algorithm with the footprint and we can make a case for the bottoms to be in.
We will remain long, although we do have some concerns. The blow-off pattern that we witnessed on Tuesday, Jan. 17, usually signals a market top. Magically, the last support held, building a support level that leads us to believe the bottoms are in and gold and silver will go higher.