The buyers are back; gold, silver and platinum surging
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
A lot has happened since Monday’s reversal in the metals; the buyers are back. As we wrote yesterday, Monday’s pullback was really a buying opportunity and not a place to panic. None of the action this week has been surprising. In fact, it has almost been to script.
Gold remains the steadiest of the group and is in a long-sustained uptrend with no real sign of weakening. Gold was under a little pressure early in the month and was in danger of reversing; however, buyers stepped in and have not stopped. Gold is now ready to make a big run through the $1,788 June futures high. New support is about $1,730 in the June futures, and until further notice, pullbacks are a buying opportunity.
Platinum and silver are almost identical with both making parabolic moves to the upside, and other than a brief pullback Monday, have gone straight up. There should be a pullback soon, as the speed and distance silver and platinum are tracking is too far too fast. A small sell-off is healthy and an opportunity. If the rally continues at this speed, it will signal they are nearing the end of the rally. We remain long across the board.
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