Look at that spike to the upside and breaking above the ever discussed “round number” of $1,300. Did the Fed heads take an extended coffee break, bullion bankers too busy with their hookers and blow this morning? What gives?!
While silver is catching a bid as well it did not jump above the Friday close in the same manner as gold, nor did it bust above the “round number” of $15.00.
While these spikes higher are great and cause a lot of fanfare I am always skeptical of how long before the goons awaken, put their coffee cup down and begin doing their job of beating the metals back into submission. It would be great to see silver climb above, and remain above, the $15.00 line along with gold staying above the $1,300 mark. This would be great confidence builders for traders to get back in the “pit” and push both metals higher.
Both metals have already peaked and it we shall see how much of this spike they will be able to hold on to. At the end of the day it doesn’t really matter, as I am holding on to my forecast that both metals will move higher than 2018 by years end. After following these so-called “markets” for approximately 10 years these moves, while still exciting, don’t really get my heart racing too much like in the early days.
Hold tight, enjoy the show and know that gold and silver always haven been, always will be…money. Got physical within arms reach?
