Gold, silver: it is a wild ride
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Monday was another wild day in the metals, early they looked like they were going to tank. Magically they made a solid run cutting big losses to minor ones. Gold tested our must hold support just below 1850 and Silver tested 27.5. From a technical standpoint the action was bullish.
With all the economic data this week the metals could see more of the same today and tomorrow. Today at 8:30 EDT we have Retail Sales and PPI. Although the three blind mice call inflation transitory, we all know that is a croc. Inflation is running wild and those in charge continue to deny what is really happening.
This morning Gold and Silver are flat but look for action on the numbers this morning. Silver looks stronger than Gold for now, but anything can happen from here. We remain long and look for a run higher. As always, we are trading mechanically based on our algorithms, we are willing to reverse when its time but expect the rally to continue.
Patience, discipline, and money management always win the day.
Recording for our Monday Night Strategy Call with Andy Hecht below.