Gold & Silver On The Verge Of Major Breakouts

Gold & Silver On The Verge Of Major Breakouts from King World News

Gold Breaks $1,800
July 1 (King World News) – 
Ole Hansen, head of Commodity Strategy at Saxo Bank:  Gold has reached another new high for the cycle with $1800/oz now within striking distance, a level that the futures contract (GCQ0) has already reached. The market capped its best quarter in four years as the WHO warned that the worst of the pandemic is still to come…

The break higher looks intact as long as the daily closes remain north of 1,745-1,750 area. Gold will continue to look for direction either from new policy measures aimed to force inflation higher or negative real rates more negative or some more participation from the US dollar and other commodities, especially silver. 

Silver has outperformed gold this week with the Gold/Silver ratio falling below 98 (ounces of silver to one ounce of gold). With copper racing higher to reach $2.75/lb. on virus related supply worries and firming Chinese demand, silver’s short-term upside potentials could be better than golds. Especially on a break above the March high and trend line resistance around $18.40/oz. (see below).

Silver On The Verge Of A Major Breakout At $18.40

Gold’s continued climb towards $1800/oz has shifted some focus to silver given the the additional tailwind it is currently receiving from rising copper prices. Crude oil remains range-bound but for now supported by a potential big drop in stocks.

New interview after high-grade gold discovery and Tuesday’s financing announcement!

An Incredible Two Weeks
Bryan Slusarchuk, CEO:  Things are moving so quickly on Fosterville South, Eric, and I appreciate that you have been there since day one and want to keep investors up to date.

Everybody knows that we have had an incredible two weeks. A new shallow and high-grade gold discovery at our Golden Mountain project, ongoing drilling at Golden Mountain and of course the corporate news regarding the spin out of two non-core assets, which represents some incredible potential value for Fosterville South shareholders.

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King World News

Interviews with market experts from around the world with a focus on precious metals.