Gold weak; silver and platinum failing at expected levels
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
One would have thought that with the turbulence in the markets, shutdowns everywhere and the destruction of equities, the metals would be flying higher. One would be wrong. The action in gold, silver and platinum remain bearish, and selling rallies seems to be the ticket until further notice.
Gold tried to rally on Sunday night’s open and has spent the last nine hours working back towards the unchanged level. Silver and platinum tried to rally but have failed, although silver is slightly higher and platinum is lower. The price action is weak; there is no fear.
As we write about almost every day, all markets are really a matter of fact that price determines price; it’s that simple. Those who get caught up in the news cycle are wrong over 90% of the time, so we only care about price. We are short all metals and will stay there until the price action suggests otherwise. We are sellers of rallies.