(Kitco, Thurs. July 9th, 2020) – The metals continue to run higher and it looks like this rally could extend quite a while. For now, there does not appear to be any weaknesses even platinum that is in weak for months is now started to join the rally party.
August gold futures traded as high as $1829.80 on Wednesday; after being higher earlier this morning, gold has started to sell off slightly. However, we look for gold to now make a run at a new all-time closing high. In this environment, pullbacks are meant we bought.
Silver, very much like gold, has been strong, making a four-year high on Wednesday. The next major target for silver is $25 based on September futures. Like gold, silver should be bought on pullbacks; $19 is solid.
Platinum is suddenly found strength in the rally today will reverse our position short too long. It appears the next major level for October platinum is 900, but a run to 950 be no surprise. The bottom line is the metals are bullish and should continue moving higher.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com