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Fitzpatrick’s Team: “The present set up on Brent and Nymex both suggest that lower levels in the oil price are a danger in the weeks ahead.  The spread chart between the two further suggests that Brent may continue to underperform (as it has done recently). 




Copper also looks set for further losses.  That target corresponds closely to the converged 200-month moving average (which we hit in 2008), and rising trend line support off that 2008 low (196.5-198.5).


Continue reading the Tom Fitzpatrick team piece below...




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In addition, a bearish monthly reversal was posted in February.  While we do not see any clear trend on the crude/copper ratio chart, it is worth noting that into October 2008 crude did in fact fall even more than copper. 




In 2008 the fall in silver (high to low) was 60%, and it traded about 29% below the 200-week moving average.  A repeat move of that magnitude would suggest levels between $19 and $20 again.  Strong interim support is met at $21.34 (March 2008 peak).  If we were to see a move towards $19.50 on silver and $1,260 on gold, then the suggestion is that gold would outperform silver and send the present gold/silver ratio from 59 to about 65. 




(FTSE Mining Index) Already below the 2011 and 2012 lows, with next support around 14,860.




King World News note - The key takeaway from this piece for people around the world that have been buying physical silver is that there is support on silver at the $21.34 area.  For people buying physical silver in the $22 to $23 zone, there is a bit of a floor of support right beneath where you have been buying, so the low $20s may in fact prove to be a good area for accumulation.


© 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


The audio interviews with William Kaye, Rick Rule, Nigel Farage, Gerald Celente, Dr. Paul Craig Roberts, Andrew Maguire, John Embry, Art Cashin, John Mauldin and Egon von Greyerz are available now.  Also, be sure to hear the other recent KWN interviews which include Eric Sprott, Marc Faber and Felix Zulauf by CLICKING HERE.


Eric King

KingWorldNews.com

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