Gold, silver and platinum: ugly
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
For metals, the scene has been and remains ugly. Every time they think there is a bottom, it’s a false read and these markets head lower. Rallies end quickly and the sellers take over and punish these markets. Other than gold, the metals are in a bear market, soon to be joined by gold.
Although many expect the metals to take off to the upside at any moment, they are constantly disappointed. The patterns are very clear: gold, silver and platinum are in downtrends and all rallies should be sold.
You can hope and wish markets higher; however, like all markets, they follow trends. Since peaking in mid-February, gold, silver and platinum are headed south. For now, the bottoms appear to be far away, Silver is on 11-year lows, with platinum on 15-plus-year lows. Gold is holding up the best, but if the current pattern holds, look for it to break hard. We remain short across the board.