It was another terrific week for precious metals, an asset whose strength I applaud. Here we see GLD escaped from its ascending price channel and seems to have slapped on its turbo boosters.
The longer-term continuous contract of futures prices shows how massive this cup-with-handle pattern is. I fully expect $3,000 per ounce in 2025.
Miners, too, joined the party, although they look due for some “backing and filling” soon.
And even Canada, a county that happens to sit on a bunch of the yellow metal, seemed to have been lifted up by the strength of the metal.
