I’m in such a quandary about precious metals. On the other hand, SLV and GLD look fantastic long-term (and most of you have seen my silver chart, whose target seems completely plausible now, whereas a week ago it was just plain dumb). But, I gotta tell ya, looking at this gold/silver sector chart, the run-up in gold (tinted in cyan) seems like it could really use a breather!
What I’m focused on are those Fibonacci retracement levels, the most pertinent of which is highlighted above in green. We actually are pushing above it right now, but sheesh, it sure would feel better piling into gold if things would relax a little bit! The good news is that gold and silver seem to be giving a long-needed F.U. to the central bankers out there.
