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Gold and silver head lower

Commentaries & Views

Although gold and silver closed higher on Thursday, their overall action was bearish, which is consistent with the current trend. The fact that they both failed at crucial resistance levels suggests lower prices are ahead. The trends have been confirmed once again and we are willing to add to our current short positions on rallies.

Gold and silver are in similar formations and both in downtrends. There is no doubt that they will someday enter an uptrend, but we remain with the current trend until it changes. We don't sell tops or buy bottoms. We attempt to get the meat out of moves. As investors, we are always long metals through the physical markets.

Many think the markets are manipulated and FED directed. Let's say that is true; the price action and the footprint still have to show up in the trend of some sort. The map that the footprint leaves is the same, whether true free market or manipulated market. We know that the FED is out of control and has destroyed truly free-market price discovery market. However, price action creates price discovery.

To quote my grandmother, that loved to bet on Harness Horses which we always thought were fixed. She had one comment: May I will bet on the crooked horse!

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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.