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After a quiet but steady start to the week on Monday, yesterday brought us a very sharp rally across the board as all four precious metals broke above resistance levels. Among the factors that contributed to the rally yesterday and could lead to further gains was a weaker USD, a sell-off in Chinese and U.S. equities, and a report from our C.I.A. which detailed post 9/11 interrogation activities which had many security experts saying it could lead to a terrorist action. On top of this physical demand remains strong globally even at the higher price points which is encouraging.
Keep an eye on crude oil as it remain under pressure with many commentators talking about another 10 percent decline being a real possibility as inventories continue to climb at the same time as OPEC has released a report indicating they expect demand to continue falling in 2015. The gold silver ratio continues to garner attention as it is now trading on either side of 72.00 as silver continues to outperform gold. This trend may continue for a bit longer and the ratio may trade into the high 60s, but I would not look for it to go any lower. The likelihood is that if our markets are going to continue rallying it will be with gold being the leader. A settlement above gold’s 100-day moving average at $1,235.95 should signal a test of $1,275.00 – $1,280.00 is in the cards which should offer silver enough momentum to take a run at $18.00.
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