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The buyers are back; gold, silver and platinum surging

Commentaries & Views

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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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.