August 26, 2020 - (Gold Market Wire) - With Silver market continuing its pathway through 'death by a thousand cuts', we take a look at the Fibonacci retracement levels to see where we might pause in the continuing descent.

Right now we are on our 4th down day in a row... small down days, but persistent. We're getting the impression that the 38.2% won't be the 'final' stopping point, and that lower levels lie ahead. When we start back up, $30 is likely to be a formidible objective.

So, what is the big 'take-away'? Well, firstly, it's that all the commotion in the world economy, the increasing belligerence of super-powers, and the increasing disintegration of the US political scene has had only a limited effect in the precious metals arena. That is bearish in the near-term. In such a scenario, Gold and Silver should be moving strongly higher. The second is the time worn adage - that everytime the crowd screams 'this is it?' ...it never is. It is an almost perfect contrary indicator. Recently we have a had a plethora of metals pundits saying just this. We take our hat off to Bob Hoye - who has been a voice of reason lately, and on target. Such is the voice of deep experience.

It's time to excercise patience. Looking for action is a death wish.

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