Thursday, February 13, 2014

gold and silver set to surge

Fitzpatrick:  “The upside action in gold looks extremely constructive.  In fact, the way gold is trading here is looking very similar to the way gold traded in 2012, when gold posted the double bottom and moved higher....

Continue reading the Tom Fitzpatrick interview below...


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“So the constructive dynamic here is that gold posted the double bottom around the $1,180 level.  We then saw the bullish weekly reversal.  Gold has now clearly broken out above the downtrend.  Gold is also above the 55-day moving average and heading toward the 200-day moving average, which is coming in at $1,306.

The gold market is picking up momentum.  If you go back to the similar move in 2012, it was at this point that the gold market began to accelerate to the upside, especially once gold broke above the 200-day moving average, which as I said is currently at $1,306.  What is most impressive here is how gold has continued to rally, even in the face of a strong bounce in the equity markets.

We are watching the area of the last high, which comes in around $1,362, but the most important level by far is going to be the $1,434 level.  This was the peak that was seen in gold during the bounce last year.  For us gold looks clearly set up to head in the direction of that major level at $1,434.



It will be incredibly important to see how gold acts if and when it gets up to that $1,434 level, whether or not gold can break it decisively and get a weekly close above the key area.  If we do get a weekly close on gold above $1,434, it would strongly suggest this move is going to take us significantly higher in gold -- possibly even to the area around $1,650 to $1,700.” (see chart above)

Eric King:  “Tom, it sounds like we should expect more pain for the gold shorts.”

Fitzpatrick:  “I don’t know how painful this is going to be for the shorts, but everything we are looking at here suggests the push to the topside has much more to come.”

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© 2014 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.

The audio interviews with John Mauldin, Eric Sprott, Bill Fleckenstein, Egon von Greyerz, Dr. Paul Craig Roberts, MEP Nigel Farage, James Dines, Gerald Celente, Andrew Maguire, David Stockman, Art Cashin and Dr. Marc Faber are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.

Eric King


Fitzpatrick:  “Even though it has been quiet in the silver market, it is beginning to set up quite nicely.  We are watching the area around $20.61, after silver has bounced off of what could be a bottoming formation.  The bottom will be confirmed when silver breaks above $20.60....

Continue reading the Tom Fitzpatrick interview below...


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“A break above $20.60 would mean another $1.60 or so to the topside, which will take silver to the $22.20 area as a double bottom target.  There is a also second area of resistance at $23.08, which was the high of the last bounce.

Similar to the $1,434 area on gold, if silver can get up and test $25.10, and ultimately get a weekly close above that level, then we would be looking for a move to the upside in excess of $6 from that major breakout point.  Meaning, we would look for silver to move well above the $30 level after that key resistance is taken out on the upside (see chart below).



It looks as though the metals may be set to rise much further if we can see this type of strength in the silver market.  This would also mean that silver would advance much more aggressively vs gold in percentage terms.  As an example, if we see gold move from the $1,300 to $1,650, that’s a decent move.  That’s about a 27% gain.

But a move on silver from roughly $20 to the $31 area, that would represent a 55% surge, or double the percentage gain that would be seen in the gold market.  This would obviously mean the magnitude of the advance in the price of silver would be extremely aggressive.” (see chart above)

IMPORTANT - KWN will be releasing interviews all day today.

IMPORTANT - Powerful entities do not want people to have access to the news that KWN provides.  As a result we have had a constant interference with the news feed on our home page.  Simply reload the home page until you receive the news feed, or go straight into the KWN blog.  You may need to clear your cache in order to see the latest news story.  KWN readers can simply google “how to clear cache” if they are unfamiliar with how to do this.

© 2014 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.

The audio interviews with David Stockman, John Mauldin, Eric Sprott, Bill Fleckenstein, Egon von Greyerz, Dr. Paul Craig Roberts, MEP Nigel Farage, James Dines, Gerald Celente, Andrew Maguire, Art Cashin and Dr. Marc Faber are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.

Eric King


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