With the important distinction that targets are what they are, objectives not stop signs, we note this morning that gold and silver have each hit their targeted levels (HUI is still out there with its 375 objective). We’ve had gold to 1940 for months as a near-term objective and hysterically enough, silver to 24-26 as a longer-term cyclical bull market objective.
Gold ticked 1943 as it accelerates to a fairly overbought condition.
Silver appears of a mind to hysterically test long-term resistance in the 24-26 range. Indeed, it is already smack in the middle of that zone. Welcome to the equal and opposite reaction to the March puke fest. My oh so sensible plan was for this to take months, not minutes.
Aside from what the two metals are doing nominally, it will be their interplay as a “metallic credit spread” (H/T Bob Hoye) that will be most helpful going forward. Throw in a side of Doctor Copper and we’re going to piece the reflationary (or lack thereof) macro together.
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