The pressure is mounting on gold
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Tuesday, gold had a volatile session, swinging from $10 higher to $10 and then lower, closing around the midrange. Gold has been in a downtrend for months and finally looks to be totally breaking down. This morning about 3:00 am EST, gold suddenly fell about $12. That by itself is not proof; however, it looks like the start of a much bigger down move.
Silver, in the same downtrend, has not met the same fate as gold; however, that could be just around the corner. Silver has held up better than gold, but that could be changing this morning as well. We remain short and will stay there until the algorithm changes. For now, that day appears a long way away. Remember, conditions can change at any time without warning.
Platinum has begun moving in the exact opposite direction. The price action looks like gold and silver turned upside down. We reversed to long Platinum yesterday morning and look for an extended rally.
The one thing we know for sure: we don’t know. But we will continue to follow the trend and the price action. No one can predict the future; we can only manage risk and follow the rules.
Futures and Commodities with Andy Hecht and Technomental: Our webinar on Saturday was fantastic, here is the recording