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Here is Fitzpatrick’s outstanding interview along with 3 tremendous charts:  “Gold is really now looking like it is set to make a move higher.  Gold had these initial support levels which the down-move had taken gold to, but gold has now pushed back above those important areas.




We would like to see a weekly close above this $1,322 area, which represents the lows we had in the April down-move.  That weekly close will open up the gold market for continued upside.  The next target after that would be to continue to rally and retest what was the impulsive breakdown at the $1,522 zone, which would represent roughly another $180 on the upside for gold (see chart above).”


Eric King:  “What about silver, Tom?”


Fitzpatrick: “We have now posted new highs since we hit the low in early July.  We are also above the breakdown point in silver that we saw at roughly the $20 level.  Silver getting above $20 is good, but more important is breaking back above the $21.25 level.




A break in silver above $21.25 (the 55-day moving average) would open up the way for a test of the 200-day moving average which is currently at $27.50.  So that wide gap (shown on the chart above) would allow for silver to have solid gains on the test of that key average....


Continue reading the Tom Fitzpatrick interview below...




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“We will just have to see if silver can solidly move through the $20.50 to $21.50 area.  If silver does eclipse that zone, then we will see a decent acceleration in the silver price to the $27.50 level, which is about 35% higher than the current silver price.”


Fitzpatrick also added: “We are increasingly of the view that both gold and silver have bottomed.  We have always viewed the down-move in both gold and silver as a correction, albeit a severe one, but a correction nonetheless.  This will now provide the platform for the metals to push higher in their secular bull markets.


For what it is worth, there is an interesting correlation to what we are seeing today in the gold market and what happened at the bottom in gold in 1976.  4 weeks after the low was posted in gold in August of 1976, the equity market rally peaked with a marginal new high as gold closed that week 14% off the correction low.  The low so far in gold was posed 4 weeks ago.




In addition, the equity market has posted a new high this week, and a price 14% off the low would put gold at $1,345.  In this 4 week period the equity market has rallied 7% so far, or about half what the gold price has done.  This is very similar to 1976 where the equity market bounced 6% to marginal new highs before turning.  This is just more evidence to us that the bottom is most likely in for both the gold and silver markets.”


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© 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 David Stockman, Gerald Celente, Andrew Maguire, John Mauldin, Paul Craig Roberts, Art Cashin, William Kaye, Marc Faber, Dr. Benn Steil, Eric Sprott, and Nigel Farage are available now.  Also, other outstanding recent KWN interviews include Jim Grant and Felix Zulauf to listen CLICKING HERE.


Eric King

KingWorldNews.com

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