Gold and Silver – The Stealth Bull Market
I said this about gold and silver in my December 30, 2015 commentary:
“…it would come as no surprise to see them each up 50% or more ($1500 -$1600 gold and $21 – $23 on silver sometime in 2016)…
Both have done very well in the first half, with silver really coming alive of late.
I know this will disappoint some loyal, long-term followers, but I don’t eat and sleep the metals and mining shares for over two years now. Besides, one can only eat so much crow!
I do still track a handful of people who do live and sleep it, and one ironically replaced the nikampoop who use to have his job at Kitco. Thankfully, Peter Hug is a thousand times better in every way possible. He makes a good observation about silver here.
Gold and silver have been whacked many times as the monthly employment release draws close, so don’t be surprise that they’re again this week as they’re overbought (silver especially). But if one’s time horizon is past this week or even month, 3+ decades of following these two metals strongly suggests this is a mega bull market underway (and almost everyone has missed it). If true, it makes you wonder who are the small minority who have done so well up to now (as everybody and his mother was predicting their demise)?
I’m out of the prediction racket but the potential targets mentioned on December 30th don’t seem so far-fetched anymore.