Another amazing week in the metals market gold hits and all time high in US$ nearly reaching just under US$2100 per oz at one point and silver spikes.
Gold Tumbles $120, Silver Plunges 15%: Have We Already Seen Gold’s Major Top?
In this article Michael Oliver shares his outlook off the back of gold tumbling over USD$120 and silver plunging 15%.
This is the kind of break you are going to get all the way up, whether gold is going to $5,000 or $10,000 in this macro multi-asset crisis. You’re going to get $100 selloffs. You’re probably going to get $200 days on the way up…because the market will get more volatile and be at much higher price levels. So expect it.”
With gold freshly overtaking the 2011 highs, have we already seen a major top for the metals? According to Michael Oliver, don’t bet on it.
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Man Who Correctly Believes Silver May Surge to a New All-Time High by September 30, Plus His New Targets for Gold.
James Turk who correctly predicts silver to hit $30 just three weeks ago, says silver may surge to an all new all-time high by September 30.
Given the speed at which silver is travelling, he expects the prices over $30 can be seen any given day now to be a new record high of $55 for silver. “
But he believes that another plunge may be on its way … which would mean a decline of 40 per cent that would put gold / silver at 44. So silver may go back to lower rates, but maybe this current correction would be like past ones with prices trading in a range for a few days. But, for those who are accumulating physical gold and silver, simply don’t time the market and hold onto your gold. Continue to dollar cost average by purchasing gold and silver at the same time each month or each quarter.
He also has a new target for gold in which is focusing on 20% higher, so $2,400 before year end – and very possibly by September 30th if the crawl for physical gold continues.
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Predicted $4,000 -$8,000 gold and $100+ silver
With gold and silver on the heels of an all-time high, there comes no surprise with a predicted $4,000-$8,000 gold and $100+ silver.
Silver has moved above the $21.14 level twice previously in history (1979 and 2010) and failed there twice (2008 and 2016). In both instances that this range gave way, once it got a weekly close above this range, it never looked back.
In light of this news, a move in silver is far from over with meeting target of $28, breaking above major resistance at $26.18-$26.40. But this move in Silver is far from over.
