Is today the day that gold and silver take off?
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
The setup for gold, silver and platinum looks like a launching pad with the rockets ready for blastoff. There is no guaranty that today will be the day; however, they are up nicely this morning. We expect a huge move, but patience is the key.
Many cases are being made for gold to go lower, higher interest rates among them. We warn traders all the time that correlations are often already priced into the market and they don’t have to react at the same time. The simple facts are: the trend is up, they are breaking out above congestion and the FED interventions makes gold, silver and platinum stronger.
Since the bottom a few weeks ago, gold, silver and platinum have been trying to build momentum. Based on the recent price action, it appears we are seeing that type of move developing. We make no promises; we only disclose our positions. We are long gold and silver in the Futures markets; we are long gold, silver and platinum in the physical market.
Every Monday, Andy Hecht and I I do a strategy call starting at 5:00 EDT. Here is last Monday’s recording
We had a Farmer Hedging Q+A on Saturday. Here is the recording