Greg Weldon: Expect a 3+ Year Up-Move in Metals as Banks Counteract Debt Deflation (Podcast)
Greg Weldon: Expect a 3+ Year Up-Move in Metals as Banks Counteract Debt Deflation Podcast by Mike Gleason for Money Metals
Later in today’s program we’ll hear a fascinating interview with Greg Weldon of Weldon Financial. Greg breaks down the recent move in silver, a move off of a breakout point he called spot on on this program a few weeks ago, and also gives us his thoughts on the pullback we saw on Thursday.
Greg also tells us at what price on the downside he expects will provide major support in both gold and silver if we do see a further pullback from here. So, don’t miss my interview with the man they call the Gold Guru, coming up after this week’s market update.
This week brought more big moves in precious metals markets. The biggest mover, no surprise, is silver.
The silver market spiked up to as high as $19.75 mid week before finally succumbing to heavy selling pressure on Thursday. The selling continued into Friday morning as the white metal fell all the way back to $18 before rallying strongly off that level. As of this recording, spot prices come in at $18.69 an ounce as silver hangs on to a weekly gain of 1.4%.
Silver continued to show strong relative strength versus gold earlier this week, sending the gold to silver ratio below 80 – its lowest reading in more than a year.
Gold ran into resistance around the $1,550 level for the second straight week before pulling back. The monetary metal currently trades at $1,520 per ounce, essentially unchanged now since last Friday’s close.
Turning to platinum, the latest precious metal to break out of a long consolidation base touched the $1,000 level for the first time since early 2018. Platinum prices are now settling down at $958 but are still registering a gain of 2.5% this week.
And finally, palladium has re-gained its premium over gold on the heels of a 1.0% weekly advance. Palladium prices currently come in at $1,552 per ounce.