Gold & Silver Breakout- Set Up For An Explosive Summer?
by The Doc and Eric Dubin, Silver Doctors
- Breakout– gold & silver close big week at their highs
- Surge to Weekly Close ABOVE respective 200 DMAs of $1221 and $17.20– Set up for an EXPLOSIVE Summer?
- Dollar rolling over- USDX looks ready to head to 90
- Physical Update: Big Money enters/returns to silver market with a JOLT
- GREXIT- Greece to join BRICS?
The SD Weekly Metals & Markets With The Doc & Eric Dubin is below:
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Precious metals are catching a bid once again. Doc and I discuss what’s moving the market. It’s certainly refreshing to see this week’s moves — and a break from the pattern of the cartel halting follow-through days. Paper traders are helping, and we’ve seen the biggest gains this week coming out of COMEX. Next week will be telling. There’s every reason to expect continued buying. However, the typical “managed retreat” cartel pattern is to step into the market with capping action once an initial burst of paper buying momentum calms down a bit.
The mining shares rolled over on Friday, as can be seen with the GDX. It was only a modest rollover. But we need to point this out because mining shares in this particular short-term context often signal where sentiment among paper traders is heading. See that huge selling volume bar below? Relative to the rest of Friday’s GDX trading, that represents a lot of short-term money that didn’t want to stick around with an open position through the weekend.
Will the cartel try to smack bullion paper pricing on the LBMA and COMEX next week? Probably. But any damage they might be able to create will be short-term in nature. Zooming out to a 30 or 60 day perspective, it’s not going to mean much of anything even if they are able to execute a raid. Gold and silver are going higher this summer.
Here’s how the trading action in gold, silver and the dollar look going into Friday’s close:
Next week we will be interviewing James Turk. That will be an insightful show, to be sure. If you’d like to suggest a question or two, feel free to post in the comment section below.
Worthwhile Weekend Supplemental Reading/Listening:
- UK PM David Cameron Proclaims: It’s Not Enough To Follow The Law, You Must Love Big Brother
- QE Is Coordinated & Has Gone Global – Nomi Prins
- GATA’s Chris Powell: Gold Is The Deadly Threat to All Governments
Have a great weekend – Eric Dubin
Source: William Banzai7