Today James Turk told King World News this could finally be the Big One for gold, silver and miners as today we got a trifecta of upside breakouts.
May 9 (King World News) – James Turk: We got a trifecta of breakouts today, Eric. Gold, silver, and the XAU Index of mining shares all hurdled above the resistance levels I pointed out when we spoke on Monday.
Gold ended today in New York above $2340; silver hurdled above $28, and the XAU closed above 140. Now all we need is some solid upside follow through over the next few days to confirm that all three markets are resuming their bullish uptrends, which would mean that each of these levels is a major breakout.
We can see the upside breakout in my long-term silver chart that plots only the daily price at the close of trading.
Spot silver ended trading in New York today at $28.55. Silver briefly traded above $28 for a few days last month. But the only other time on this chart that it traded above $28 was during the 2020 ‘Silver Squeeze’, when it nearly touched $30 before falling back at the end of trading that day.
Silver then began the long and tiring process of consolidating over the next four years. So as I mentioned on Monday, $28 is a more important resistance level than $30. And spot silver – the price at which physical metal trades – is back above $28.
So now let’s see if we get the upside follow through needed to confirm that the silver rocket has started climbing from the launch pad it has built over the last four years. When it does, I expect this launch will be a cataclysmic event that will rock the precious metals markets and the shares of the companies that mine gold and silver.
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