On the heels of a strong rally in the metals on Friday, what is happening right now in the silver market may send gold and silver prices soaring.
KWN has now released this week’s an audio interview!
Gold & Silver Looking Good
August 28 (King World News) – James Turk: Both gold and silver are looking good at the moment, Eric, but I want to focus on silver for two reasons. It may not seem like there has been much upside progress, considering that silver nearly touched $30 three weeks ago. But what’s important is what silver’s price action is telling us. First, silver is leading precious metal prices higher. We know that because since March, the gold/silver ratio has dropped from 125 ounces of silver to equal one ounce of gold to around 70.
Second, even though this ratio has dropped, at 70 silver is still undervalued relative to gold. So we can expect the ratio to continue to fall in the weeks and months ahead as this precious metals bull market accelerates. In this regard, the last couple of weeks have been revealing, particularly for silver. Like gold and the XAU Mining Share Index, silver continues to climb a rising trendline. What’s more, it is on the verge of an upside breakout above its short-term downtrend line.
Updated Silver Chart Shows Silver Breaking Out Above Red Line And More Importantly, Seeing A Strong Weekly Close Above That Level
Silver’s Next Leg Higher
Breaking that red line will signal silver’s next up-leg has begun. King World News note: It will be very interesting to see how gold and silver trade next week because we are now heading into the traditionally strongest month of the year, which is September. This could present serious problems for gold and silver bears if that traditional strength begins to take the gold and silver markets to new highs.
KWN has now released this week’s an audio interview!
***To listen to the timely audio interview that includes price forecasts for gold and silver for the last few months of 2020 click here or on the image below.
Gold Bears May Get Their Faces Ripped Off
***ALSO JUST RELEASED: Today’s Takedown Was Almost All Levered Futures Selling And Gold Bears May Get Their Faces Ripped Off, Plus All-Time High & More CLICK HERE.
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