The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
- Last I wrote, I suggested that silver was just about ready to pop; since then, silver has gone on to outperform gold in a drastic fashion.
Below is a weekly chart of the gold/silver ratio. Note the top last week at around the 90 resistance level, immediately proceeded by this week’s big red candle. My expectation is that the ratio drops farther, for a test of the rising trendline. Note momentum turning down on the stochastic indicator with lower, horizontal support, represented by the yellow rectangle.
I continue to give metals bulls benefit of the doubt. I anticipate - After a sharp two week rise into blue-sky territory above $2200, which saw gold move up $150 during 8 consecutive positive trading sessions, short-term extreme overbought Gold Futures were due for a rest coming into a heavy U.S. data schedule this week. - This week, copper was the driving force in metals as Chinese smelters agreed to joint production cuts.