For the time being, we are assuming that wave (iv) is becoming a bullish triangle, and therefore wave -c- cannot fall below the wave -a- low of 3886.05.
Gold on Thursday traded to as high as 4410 in closing Friday at 4369, +66% year-to-date; Silver traded to as high as 67.68 in closing at 67.40, +130% year-to-date.
With silver overbought and herd greed soaring, downside risks abound. Silver will get sucked into and amplify any material gold selling back to the lower end of its high-consolidation trading range.
Ira Epstein discusses the state of the metals markets, highlighting a recent rally in stock indices following weaker-than-expected CPI data. However, the data's credibility is questioned.
Ira Epstein discusses the recent surge in metal markets, highlighting silver's near all-time high at almost $67 and gold's performance relative to silver.
The rally has been amplified by aggressive call-option buying and a weaker-rate backdrop, with silver now sharply outperforming gold despite growing warnings of blow-off-top risk.
