Things are slowly becoming clearer in terms of this PM bull market, and its intentions. The evidence so far…

  • We have formed a very clear and well defined base, with a low of approximately $1050
  • We have since risen around 50% via a series of bullish chart patterns, each of which I have posted about in real time
  • COT data, technical indicators and fundamentals have all provided a clear prediction that this was going to happen, and now indicate an assault on overhead targets, leading to new highs

My personal opinion (supported by the following charts) is that we will shortly break through $1550 resistance, leading to a new high for this bull, somewhere between $1750 and $1900 (probably just above $1800 if I had to be more precise). All of this is likely to occur within the next 3-6 months. My recommendation would be to exit all positions at that point, in anticipation of a pullback, close to current levels.

The mining indices (HUI, GDX, GDXJ) are likely to gain close to 100%, with silver and silver miners over-performing

So, good times ahead, followed by an opportunity to exit, and then re-enter at lower levels, ready for the next big move which will be the break to new all-time highs next year.

My second chart below, shows a roadmap with a perfectly sensible, reasonable, angle of ascent (the same as last time) into the bull market peak in the late 2020’s or around 2030.

As with any forecast, this will all need to be kept under constant review to make sure we’re not about to take a different path. There are many possible future outcomes, but this (in my view) is the one with the highest probability.