Wednesday 22/07/2020 - Gold goes higher than expected as does Silver
Updated: Oct 29, 2020
Well it's clear to see that Gold is still the go to commodity as it rally's higher and higher into new territory. We haven't seen movement such as this since the global recession hit ten years ago. The question now is where can Gold go as it currently sits at $1861.45 per ounce.
It's really anyone's guess at the moment.
What is the sentiment in the market you may be asking yourself?
The sentiment is this, in 2011 the highest high Gold was able to achieve was $1911.60 per ounce so it makes sense that Gold as a commodity could be going straight back to that old high, as long as the Covid-19 virus stays at the high level of concern that has been for the past three months. Let's face facts even though countries around the world are working on a vaccine, there is still a waiting period to get a resolve to market, and having said that Gold through this pandemic will keep going long as long as there is fear.
Gold should be on your radar, but, keep in mind in recovery gold will go short!
So then what about Silver?
Silver's strength should be no surprise for anyone who keeps a close eye on metals. Since the beginning of the week its moved from $19.330 to $23.044 per ounce which is incredible movement for this commodity in just three days.
So where can we expect to to see Silver move?
Truth is we are a long way off from the highs of 2011 at $49.660 per ounce, but perhaps just perhaps the sentiment in the air is Gold is very expensive to buy now so perhaps the end consumer is turning to silver now as a go to commodity, well perhaps.
It would be wise to keep an eye on metals going forward!
Happy trading, trader!
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