Gold, silver lower but bullish
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Wednesday, both gold and silver had solid rallies. The move in silver was big enough to turn us bullish, making us long gold and silver. As we have written for weeks, when the signal changes, we will reverse.
This morning, we were fortunate enough to reverse at lower prices and lock in profits from the short silver trade. We will now look for pullbacks to support levels to buy. Platinum is still short; However, we no longer trade it. For our members, it’s too thin, but we do give direction.
Like all markets, gold and silver go through different phases and trends. You must also remember that you must determine the type of trader you are. Investing and trading have no relationship to one another. Too many confuse the issues and reasons to own an asset.
Bottom line: we are now long gold and silver, looking for higher prices. Make no mistake, as traders, we will be short again someday; we just don’t know how long any trend will last.
On Saturday at noon EDT. we are presenting our Hedging Program; you can view register below.