Wednesday, April 20, 2016
As the market is learning the global economy is nothing to brag about and this has continued to bolster the precious metals complex.
As the market is learning the global economy is nothing to brag about and this has continued to bolster the precious metals complex. Silver is trading at the highs of May of 2015 and platinum is at the highs of October 2015. Gold which is typically the leader has not even gotten to recent highs of this January. Technically speaking gold should be heading up to the 1308 level. So look out ahead, this complex has gotten very bullish and is poised to at the least hold recent gains and most likely to try higher. Mario Draghi will be speaking today about the ECB’s next moves and this should be the biggest influencer of today’s pricing. Existing Home Sales reports were slightly better than expected but this report is not a major indicator. The e days ahead should be interesting as more and more investors seem to be looking at jumping back in the hard assets band wagon.
Tuesday, April 19, 2016
It seems the continued barrage of tepid financial news with what looks like no possibility of further rate hikes form the Federal Reserve anytime soon has given the hard assets a boost. Both Building Permits and Housing Start were dismal indicators with the previous months being revised downward as well. Gold is certainly a leader but silver has made the largest move to the upside and is currently trading around 17. Platinum also has taken a jump as if on a trampoline and is well above the psychological 1000 mark. I would not be surprised to see attempts to test to the downside but it sure appears that a firm bull market has developed and barring any unforeseen positive economic news we should hold these levels and try higher this week.