After a day that saw precious metals prices breakout strongly, the fireworks in the gold and silver markets are just beginning.
Gold & Silver Fireworks Are Just Beginning
November 5 (King World News) – James Turk: Eric, by any measure today was an important breakout for gold, silver, and the mining shares.
Today’s huge jumps in prices are what one would expect at the beginning of a major uptrend. So for the precious metals and the miners, today in all likelihood marks the resumption of their major uptrends…
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I am a believer in letting the market tell its own story. It does this by watching the trading action. Let’s look at silver as an example. After silver nearly touched $30 back in August, the shorts and the anti-precious metal forces have been throwing everything they can at silver. It has bent, but has not broken. Silver keeps climbing off the canvas for another round.
Consider last week’s trading action before this breakout. Silver was pummelled again yesterday back below $23, but again it didn’t break. Trading action like that shows underlying strength in the metals. It kept climbing back. That was an important clue that today could be spectacular, and it was.
Look at this December silver futures chart. Several uptrends broke along the way, but the shorts could not deliver a knock-out punch.
I’ve been expecting that this year will end well for the precious metals and mining shares. Today’s upside fireworks might just be the beginning.
King World News note: There is no doubt that today was a decisive upside breakout for both the gold and silver markets. For those of you accumulating physical gold and silver, simply make your purchase(s) at the same time each month or quarter. Do not get cute and try to time the metals markets. For those of you that are accumulating high-quality mining stocks, they have entered the mode where they will dramatically outperform the price of gold. Keep that in mind when making purchases.
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To listen to this is incredibly powerful audio interview where Jon Case issues a dire warning about the US and discusses the fragility of the global financial system as well as massive bull markets in gold and silver CLICK HERE OR ON THE IMAGE BELOW.
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