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Great question! (which is why I asked it!)
The following two paragraphs are from my December 19th blog post on silver and gold and were right on then and hold true today.
Even though silver has gotten ahead of the 50-day moving average as I wrote two weeks ago, it keeps moving higher! (with occasional pauses). There could be even more upside before either price reverts a bit or the moving average catches up.
Gold has not gone too far ahead of the 50-day moving average and may be pausing briefly. We will be seeing where it goes from here.
Gold may be presenting a buying opportunity at these price levels before moving higher again.
The Dow Jones Industrial Average (DJIA) looks to be flattening out which is positive for the metals.
This week gold was up 1.83%, silver was up 12.72%, and the DJIA was down .29%.
The Consumer Price Index (CPI) for December was released on Tuesday and was up .3% for the month and 2.7% at an annual rate which was in line with estimates. The Core CPI less the more volatile food and energy was up .2% for the month and 2.6% at an annual rate and better than expected. The November Producer Price Index (PPI) was up .2% for the month and better than expected and up 3.0% at an annual rate. The DJIA then declined for the rest of the week confirming the old adage buy the rumor and sell the news.
Until next time…
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