A transcript of Precious Metals Market Report with Franklin Sanders is now available to Subscribers!
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From the transcript:
Catherine: The markets have been unbelievably interesting since we talked to you last.
How about updating us on what’s happened to gold and silver over the last 30 days?.
Franklin: Well, silver and gold have formed triangles. Different kind. The gold was an even sided triangle. The silver a flat top triangle. If you can kind of picture that in your mind. And the even sided triangle doesn’t really tell us how it’s going to resolve, but the flat top triangle implies that it’ll resolve to the upside. And in the last, oh, two weeks, they have both resolved to the upside. Gold broke out. Went up to 16 31. And then came back down. And for that, what I like to call the final kiss goodbye. It’s something that makes do quite a bit. They break out and then they return back to the line, to the point where they broke out for a final kiss goodbye before they take off. So that’s what we’ve seen in both silver and gold. And now they’ve stalled and it’s not really surprising that they’ve stalled. This is August. And although we have occasionally seen lows in August, most Augusts in the gold and silver markets are spent moving side wise. Gold is always dead during August partly because in Europe everybody takes a vacation during August and so nobody’s working. And the market space usually is basically flat.
So what we’ve seen is that we’ve got a good sold uptrend going on a breakout from the triangle. And gold is now slugging its way through that resistance between 16 25 and 16 30. And silver’s pretty much following along. The analogous point for silver is probably 28 60 right now. Once it gets through that it’ll jump. And then gold really doesn’t have much resistance above that. Little bit at 16 40, but mostly at 16 80. And then its snake up on seventeen hundred dollars is ready to run further. So I think, you know unless there’s some really unexpected thing that happens before the end of the year, election notwithstanding, you could see gold significantly higher by the end of the year. You could see it at eighteen hundred. And there is an outside chance that we might get some more back and forth. You know it might run up to eighteen hundred and then drop back to sixteen hundred and scare the life out of everybody.
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