Gold / Silver Breaking Out Or Just Finding It’s Legs?
Gold / Silver Breaking Out Or Just Finding It’s Legs? by Rory for The Daily Coin
We have been on record for some time stating that gold would begin moving higher in the second half of 2019. While today is the merely the 3rd day of second half of 2019 gold seems to be catching it’s breath and moving to higher ground. Will this continue or will it be smashed back down?
At the end of the day it doesn’t matter, gold is going higher. Too many mining issues, central banks moving back into the gold like we haven’t seen in more than 40 years and geopolitical and economic landscape is precarious at best. These three items, none of which will be solved over night have the potential to see more and more gold savvy high net worth individuals, and institutions, move back into the gold market for sometime to come.
Beginning with the Sunday night open gold, and silver, have been moving steadily to higher ground. Can the two metals reach, and surpass, the next point of resistance to flip it and make it support? I believe it is around the $1,346 mark, but I may be wrong. Gold, and silver, is primed for a nice move. We shall see if this one is sustained or if the cartel awakens and does their thing and smashes gold below $1,300.
Will silver breach the $15.00 mark, again? If so, will it be able to maintain such lofty heights? Currently, it appears there is a hard cap at $14.70 with massive resistance at that point on the chart.
American Silver Eagles (ASE) have been on the move in 2019 when compared to 2018. In the first 5 months sales of ASE’s are 40% higher than in 2018. Not an insignificant amount. We can extrapolate this out and presume that other mints, primarily smaller mints producing generic rounds and bars, are doing equally as well if not stronger. According to one source 10 ounce silver bars are the most popular silver product on the market. So, if ASE’s are up 40% we can imagine people are moving around and gobbling up 10 ounce bars at really strong pace as well. The 10 ounce silver bar is one of my favorite silver products as well, especially the Engelhard.