Gold and Silver – Same Story, Different Day (May 16, 2016)

Gold and Silver

Will gold ever break through $1,300/oz? Will silver ever clear $18.00/oz? Since the battle for $1,300 and $18 started, it seems like everytime the precious metals gain momentum, they get slammed right back down, ruthlessly (around this time of day too, I might add, so today’s graph looks just about right to me)…

 

The climb up is so slow and steady, but the fall back down looks like a straight-shot plunge into the abyss (with a subtle dead-cat bounce thrown in for effect)…

 

What do you see from that chart? I know what I see… I see a lot of paper…

 

Oh well, try again tomorrow, I guess…

 

Hang in there precious metals investors!

 

We will have our time in the sun, sooner rather than later, I suspect.

Print Friendly, PDF & Email
Sharing is Caring:
0 0 vote
Article Rating
Subscribe
Notify of
guest
6 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
BeSmartRich
4 years ago

Haha I hear ya. I haven’t sold my gold stocks yet after gaining 50-130% during 4 months of holding. I think they may triple or quadruple once the gold hits $1400-$1500. Can’t wait!

BSR

chillywit
chillywit
4 years ago

I read the recently released book “The New Case for Gold” by economist James Rickards. He asserts China, through secret gold purchases and market manipulation, is keeping gold prices down. I won’t go into the details about why China is buying gold, or the mechanics of how the price manipulation is carried out, but the important thing is that China obviously wants to keep the gold price low while it’s in accumulation mode. As an aside, I saw in yesterday’s WSJ that China just bought a huge gold vault in London. The New Case for Gold is an excellent read,… Read more »

Mike
Mike
4 years ago

Looks like a possible Fed rate hike in June is to blame for today’s dip.
We might see added volatility (up/down) in the sector for the next few weeks.