I said yesterday that a lot will happen today, Friday, June 28, 2013, as far as indications as to which way the Gold and Silver markets will go. JPM was leading the way in determining where the market had to go to cover their short position deliveries. If enough was enough in terms of profit taking, the market would quickly begin to revert to fundamentals, since the price of Gold and Silver was below extraction cost, in the opinion of many experts.
I said that because of the quick rally after major 3 year lows, that the slide may have shaken out all the stops that were available to be had, before new investors swooped in to grab the bargains in metals.
Well, although it is early to tell, it looks like the downward pressure has ended, and a reverse head and shoulders may be forming as we speak. Look for yesterday’s $18.60 as being as close to a bottom as can be called. For those who were looking for the end to the slide, the time to get in may be here. You never make money waiting for the absolute bottom or absolute top. And if you believe that Monetary metals are inevitably going up by many factors, this is a great time to buy. There doesn’t seem to be much room or reason to believe that they metals can go much lower without looking completely manipulated.
Ready for the rally?