Gold Has “Decisive Turn Around” – “Next Stop Is $1,300 Or Higher”
James Rickards via Daily Reckoning
But the most important development this week may be the one you never heard about on the news or the internet.
On May 10, gold launched a decisive turnaround from its most recent decline.
This kept intact the pattern I’ve been writing about for weeks of “higher highs, and higher lows” as every retreat finds a footing higher than the one before and each new high reaches new, higher ground.
This pattern began on Dec. 15, 2016, at an interim low of $1,128/oz. Since then gold has hit new highs of:
- $1,216/oz on Jan. 17
- $1,256/oz on Feb. 24
- $1,289/oz on April 18.
Each time gold retreated from those highs, it found a new bottom at a higher price than the time before. The recent low was $1,218/oz on May 10. In this new spike, gold has now rallied to $1,251 as of early Friday.
If this pattern holds, the next stop is $1,300 or higher.
A Fed rate hike on June 14 could be a catalyst for a move even higher, just as the last two rate hikes on Dec. 14, 2016, and March 15, 2017, were turning points for gold.
No market moves up in a straight line, and gold won’t either. But what we’re seeing right now is very encouraging.
While everyone is focused on the Washington circus this week, they’re missing what could be the real news — gold.
‘The Perils of Complacency’ is James Rickards latest piece for the Daily Reckoning. Full article can be read here
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Gold Prices (LBMA AM)
22 May: USD 1,255.25, GBP 967.17 & EUR 1,123.07 per ounce
19 May: USD 1,251.85, GBP 962.17 & EUR 1,122.03 per ounce
18 May: USD 1,261.35, GBP 968.21 & EUR 1,133.95 per ounce
17 May: USD 1,244.60, GBP 961.70 & EUR 1,122.13 per ounce
16 May: USD 1,234.05, GBP 958.98 & EUR 1,117.93 per ounce
15 May: USD 1,231.50, GBP 952.32 & EUR 1,124.61 per ounce
12 May: USD 1,227.90, GBP 955.06 & EUR 1,129.55 per ounce
Silver Prices (LBMA)
22 May: USD 16.95, GBP 13.04 & EUR 15.10 per ounce
19 May: USD 16.77, GBP 12.90 & EUR 15.02 per ounce
18 May: USD 16.81, GBP 12.90 & EUR 15.10 per ounce
17 May: USD 16.90, GBP 13.03 & EUR 15.22 per ounce
16 May: USD 16.72, GBP 12.97 & EUR 15.13 per ounce
15 May: USD 16.59, GBP 12.83 & EUR 15.12 per ounce
12 May: USD 16.30, GBP 12.68 & EUR 14.99 per ounce
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