Today 53 year market veteran James Turk told King World News these are the key levels to watch for gold and silver as they blastoff and begin their journey to all-time highs.
November 28 (King World News) – James Turk: With today’s big $28 advance, Eric, gold is rapidly approaching a new record high. This chart of the daily closing price shows just how close we are.
Price Of Gold Approaching New Record High!
Here are the three critical levels on gold that I’m watching. They are the previous highs, using the NY spot close.
1) March 7, 2022: $2,040.10
2) May 4, 2023: $2,048.00
3) August 6, 2000: $2,051.50 (gold’s record close)
In theory these previous highs represent overhead resistance. I say “in theory” because selling at those levels in the past stopped gold’s advance.
While I am fond of saying that sometimes history repeats, many times it doesn’t, and I think we are at one of those moments. I expect the momentum to continue building for gold so that it achieves a new record high…
This silver explorer recently did a huge transaction with a $4.5 billion market cap producer CLICK HERE OR ON THE IMAGE BELOW TO LEARN MORE.
The reasons for owning physical gold are numerous, as you and I have been discussing. We now have another reason to own physical gold – the dollar’s exchange value is falling.
Even the yen – which for months has been the weakest currency – is strengthening against the dollar. When the weakest currency starts to strengthen, it’s a sign that market conditions are changing. To use one wag’s expression, the dollar is no longer the best looking horse in the fiat currency glue factory.
Silver did alright today too, Eric. It closed up about 1% today, and continues on its path to $26 – the next key level that it needs to hurdle.
King World News note: Gold, silver, and the mining stocks have already put in a major bottom and are now blasting off as they head to new all-time highs. If you are accumulating physical silver, just be aware that the price of silver may runaway on the upside so you may need to accumulate quickly. As far as the mining stocks, you must also act quickly to get positioned. Buckle up and enjoy the ride!
ALSO JUST RELEASED: BUCKLE UP: Silver & Gold Are Now In Blastoff Mode Along With The Mining Stocks! CLICK HERE
ALSO JUST RELEASED: KEY CHARTS: Turk Says Gold, Silver And Mining Stocks Ready To Launch! CLICK HERE
ALSO JUST RELEASED: Greyerz Just Warned The Death Of The Global Financial System Is At Hand CLICK HERE
Just Released: Gold & Silver Breakout!
To listen to Alasdair Macleod discuss why next week may be a huge surprise gold and silver investors around the world CLICK HERE OR ON THE. IMAGE BELOW
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