Last week I provided the target prices of $2530 for gold and $30.25 for silver, as necessary to trigger the next leg higher. It would have been nice to see it happen last week, right after the expiration of the options on the Comex futures contracts that were expiring.

It wasn’t to be and led to this week’s further pullback. We watch and wait the next attempt to reach and exceed those levels. No clear cut timeline, especially given the continued expected downside for equities.