It's a rally! gold, silver and platinum Higher
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Gold and silver have been churning in consolidation for the past week and now breaking out to new 3-month highs. What do 3-month highs mean? On their face, nothing but you can’t get to 6 months, annual, or all-time highs without starting somewhere.
It appears that the next big rally has started, and our next targets of $1,880 June gold and $28.50 July silver are now within reach. With the ridiculous Fed and lack of government control, gold, silver, and platinum could charge higher. The next couple of days will tell the story.
As we have written many times before, we always maintain a long position in physical metals and have bought more. At the same time, we are also long the futures board in gold and silver. For our members, platinum is too thin, but we would also be long platinum.
We have no idea how high or long this rally will go, but we will participate in 70-90% of it. For now, we see nothing that will slow this down, which could lead to a huge run. For today we are higher and making new short-term highs.
Every Monday Andy Hecht and I host our weekly strategy call. We would like to invite you to join tonight at 5 EDT.