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Gold, silver and platinum breakout big

Commentaries & Views

On Thursday we wrote that gold, silver and platinum were attempting to breakout, overnight and this morning they are exploding higher. Gold is up over $40.00, silver over $1.00 and platinum higher by $38.00. This has all appearances of a runaway or the final blow off to the upside.

We are long and have been so for most of this rally and will stay there with the algorithms we trade. Looking at it from a pure trader view this could be considered topping action. While we are thrilled to be long and profiting from these moves, we have some concerns.

The speed of this parabolic move will lead to a pullback, which will tell the final story. We will stay long throughout because we only trade mechanically without opinion. Our concerns are simple that, concern with expectations of a pullback. The real decision will be made after we see the expected retracement and the price action at that time.

For now, enjoy the rally.

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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.