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Gold, silver push higher

Commentaries & Views

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.

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.