Gold, silver push higher
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
The rally continues this morning. Gold, silver and platinum are all pushing higher. Platinum is the weakest of the bunch, with gold the strongest. The pattern and price action remain bullish, indicating more room to run. Like all markets, this rally will last until it doesn’t.
Many are now considering the cryptocurrency as digital gold, which is false. Look at the patterns; Bitcoin has lost 40% over the last week. However, we do believe in the crypto space as an additional asset class. The benefit of cryptocurrency is simple, no FED, Central bank intervention.
All asset classes have many things in common; price is determined by the buyers and sellers who agree on a price. They all go through the same phases; they all trend. This why we teach that all markets are the same; price action is all that matters.
The price action in Gold and Silver is very bullish as they look to run higher. Platinum has shown some weakness in the last few days, but it is still slightly positive. The next stops for the ride in gold is $1,900-$1,920 and silver’s next target is $28.50–$29.00. Until the price action changes, we are buyers.