On the heels of the price of gold breaking decisively below $1,900 and silver tumbling toward the $23 level, here is a look at weighing on gold, gold and silver price objectives, plus don’t worry, silver bull just getting started.
Weighing On Gold
September 23 (King World News) – Lawrence McDonald, Former Head of Macro Strategy Société Générale: “Pushing US Dollar Index higher – with a 1.26 handle the UK Pound is now lowest level since July on Pandemic and Brexit uncertainty, trading below its 200 day. Gold down at $1875, dollar countertrend surge is wearing large impact.”
Gold & Silver Price Objectives
Graddhy out of Sweden: “As said 3 months back, correlation between precious metals/US dollar is back. Silver and gold will probably not bottom until US dollar tops for its Intermediate Cycle High. Gold/Silver 30 year ratio is backtesting, but still think we have a 2-4 weeks (final) Intermediate Cycle decline in front of us. Said many weeks ago Price Objectives are $1810 for gold and $22 for silver.”…
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Levels Of Support
John Hardy, Head of FX Strategy at Saxo Bank: Spot Gold & Spot Silver – remain challenged by renewed dollar strength which stepped up a gear overnight with EURUSD breaking below €1.1700. Cushioning the impact are steadier stocks after Fed Chair Powell said the U.S. economy will likely need further support. The short-term technical outlook has deteriorated and below the August low at $1863/oz, the market will be focusing on $1837/oz, the 38.2% retracement of the March to August rally. Silver continues to get slammed with the Gold/Silver ratio rising to 80 with the next levels of support in Silver being $23.45/oz and $22.90/oz. Gold is currently 40 dollars away from relative safety above $1920/oz.
Don’t Worry, Silver Bull Just Getting Started
Stefano Bottaioli: If you look at the very long-term picture, this decline in silver is really a marginal event. Everything indicates that the targets are much, much higher (see chart below).
50-Year Chart Shows Massive Multi-Decade Cup & Handle Formation On Silver, Illustrating This Decline In Silver Is A Marginal Event As Bullish Targets Are Much, Much Higher!
Something Sinister Going On In The Stock Market
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***To listen to 8-time Graham & Dodd Award Winner Rob Arnott, whose firm oversees $150 billion click here or on the image below.
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***To listen to Stephen Leeb discuss the upcoming chaos and why gold and silver will be the primary beneficiaries click here or on the image below.
***To listen to billionaire Ross Beaty discuss the coming chaos and why gold and silver will be the primary beneficiaries click here or on the image below.
Billionaire Ross Beaty, Chairman of Pan American Silver!
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