Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Is Silver Preparing for Takeoff?
August 30, 2021 - (Gold Market Wire) - No doubt about it Friday's close into strength is enough to cause depression in the most stalwart of bears. Fortunately we remain steadfastly bullish. The 'stars' are starting to align, albeit in low volume, but one must admit, with Gold now gently feeling its way higher - testing out the rarefied air above $1800 with some fledgling conviction - the bullish case is building. The Silver chart looks like a gap higher with a quick back and fill; poised to run higher. Looking back, that early August blow out to the downside is looking more and more like a major low has been put in.
We are now looking at these two markers to hold until the end of the month, i.e., tomorrow. If this configuration is maintained, it is highly likely we will add to the position. The technicals are reflecting a world that is fearful, and to quote Mister Peter Munk, Gold is where you should be when you are fearful. And moreso Silver, in our current state.
The descent of Australia into what looks like imminent civil war is unlikely to hurt the bullish case for the metals. Confidence has been lost, and that is a bullish factor. Democracy is crumbling in the west, and if that is foreshadowing a surge towards totalitarian Communism, which is a distinct possibility, then the metals are a must have item... especially in the hand.