Gold & Silver Charts
Lately, I have found myself spending more time watching the stock market than the metals. Last night as I was reviewing the Gold and Silver charts I noticed two things about them both. First, Silver had a death cross on Monday and Gold will have a death cross today. Given the complete destruction in both charts those death crosses are more reflective of what has already occurred as oppossed to what will occur going forward. Both charts show five distinctive legs of decline. They are at or very near bottoms. The Trillion dollar question is do they rally or just go sideways for a while? Given today is jobs day, the numbers mean nothing but the markets usually provide volatilty, regardless. Because the recent death crosses leave the two major mvg. avgs. close to one another and the charts are so oversold, a significant rally could see both metals get to those levels in very short order. That would be $1935 or so for gold and silver at $23.35-$23.50. We will see if they attack those targets in the next few days or stay at the bottoms and just go sideways. I vote for a run to the targets.