Monday, 3 September 2012

Gold and Silver Update - 03 Sep 12

If you cast your eyes back to a few updates ago, I mentioned that Gold and Silver had broken out of it's long term range and that from now on, all we will be seeing is rising prices...but only after a slight retrace. Well it did exactly that. This was also helped by the Ben Bernanke Jackon Hole speech where he indicated again that QE3 is on the cards. But as we all know by now, QE3 has always been on the cards. It's simply a loaded gun and the trigger will be pulled the moment they smell deflation. To us public folk, what we'll probably see is a quick stock market crash, QE3 being injected and the aftermath of it will be a few months of rallying in the capital markets followed by an almighty crash. I exited from the stock market about 6 months ago and will certainly not be re-entering it for a long time. The pic below is what happened with the metals. The left side is my previous update and the right side is what happened. Long story short, I'm expecting another tiny retrace, but the next target for silver is $35 and we'll be seeing that in a matter of weeks, if not days....

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