Thus, the record increase in negative-yielding debt has push gold, in just the past few months, has been one of the catalysts to push gold above an important six-year resistance level. Furthermore, several articles have stated that gold has reached an all-time high in 73 currencies. However, it will take some time for gold to reach a new high in the U.S. Dollar because the Fed has a monopoly on the world’s printing press.
Now, for silver. While silver hasn’t been in the spotlight like gold, it has actually outperformed the yellow metal over the past three months. Since June, gold peaked at being 18% higher while silver was 20%. But, certain indicators for silver are showing that we may be setting up for an even BIGGER MOVE.
In my newest video, SILVER MARKET: Indicators Setting Up For A Big Move, I explain this in detail with ten charts:
In my previous video, GOLD & SILVER: Continued Breakout Or Correction, I did say that I thought the precious metals would more than likely experience a correction before moving higher. While the short-term Silver Ascending Triangle did not result in a move higher today or this week, nothing goes up in a straight line.
However, even if we don’t see a continued breakout in the silver price this week or next, the medium to longer-term fundamentals and technicals still point to much higher prices over the next 1-2 years. Furthermore, the Silver COT report that came out on Friday reported that the Commercials liquidated 10,000 short positions, even though the silver price increased 50+ cents:
Precious metals investors shouldn’t be concerned with seeing a correction in the gold and silver prices. As I stated, gold could go back down to $1,360 and silver $15.50 before resuming their bullish trend at the end of the summer or beginning of the fall. Of course, they don’t have to correct all the way down to those levels, but we should be surprised if they do.