Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Moves Higher
September 3, 2021 - (Gold Market Wire) - Silver has moved up sharply from yesterday's spec long level, and Gold is finally adding its voice. We are taking profit on the spec now, but running the position length (almost full weight) further.
We're taking advantage of the 'pop' to pocket some money, but it is hard to not see today's move as advance positioning for a continued rally forthcoming. The complete collapse of US President Biden's approval rating, now a mere 43%, and falling, is adding to the gain in the metals. Confidence is ebbing away.
Technically things are solid, as we said on August 30, "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. ... If this configuration is maintained, it is highly likely we will add to the position."
We can see no reason to alter that prognosis.