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Believe it or not, but I think that we will get one more chance to buy on a dip toward support. There is in my view a better than 50% probability that the precious metals will test support one more time. So be prepared for another dip in prices this week.

Gold has been pushed into an extremely oversold condition. Fortunately though, and quite remarkably given this relentless selling pressure, little damage has been done to its chart. So while gold  dipped back deeper than I expected, I think the worst is over and further, it looks like both precious metals (gold and silver) will bounceRead more

I noted in the last commentary, the importance of resistance for the gold/silver ratio at 69. I even drew a red horizontal line at that level, which can be seen again on the accompanying chart. I also warned: “We simply have to stay alert for the possibility of a deeper correction.”

Gold’s enemies, namely, those banks comprising the nefarious gold cartel and acting under the direction of the supra-governmental Exchange Stabilization Fund, are throwing everything they can at gold in an attempt to reverse its ongoing advance. Consequently, gold’s push to $1,000 has been halted by this intensifying resistance, but this setback is only temporary.

I continue to recommend that investors stay out of the stock market (except for my recommended stocks). Continue to hold ‘gold-cash’, not ‘dollar-cash’, thereby keeping your money safe and sound in bullion until stock prices fall to more reasonable levels when measured in terms of gold. I do not have any trading recommendations at the moment.

Gold has climbed higher as expected. Both precious metals now look ready to make new multi-month highs, but it is becoming increasingly clear that the gold cartel is pulling out all the stops to try keeping gold from climbing above $1,000.

It has taken a lot of patience, but the gold/silver ratio finally sliced through support at the 68-69 area. The ratio has clearly broken down, meaning that silver is now outperforming gold.

This week Bill Murphy and Chris Powell, co-founders of the Gold Anti-Trust Action Committee (www.gata.org), will be in London, England. Their trip is part of GATA’s ongoing effort to raise awareness of the gold cartel and its surreptitious intervention in the gold market.

Markets always require vigilance and patience, but sometimes they demand even more. They sometimes require extraordinary patience. We are at one of those moments in time with regard to gold and silver. There is every reason to be bullish here about the prospects for both precious metals, both over the long-term and short-term. The purchasingRead more