Gold Price Glistening, Silver Price Shining; Will It Be Santa Or The Grinch?

December 22, 2017

New York (Dec 22)  After being under pressure and threatening to put coal in everyone’s gold and silver Christmas stocking, miraculously the metals have rallied seven out of the last nine days, pushing through key resistance left from the breakdown. Is this just a Santa Claus rally or is this a set-up for the Grinch?

As we have written all week, this holiday rally is on light volume and has a few more hurdles to climb before the next big up leg begins. The lack of real volume and volatility would indicate the Grinch is hiding in the weeds while the holiday season pushes up the prices of the metals.

Bitcoin has lost about 35% of its value this week, which is one of the factors in the rally in gold and silver. We are not sellers or shorting the markets here, but we are waiting for the Grinch to dampen the enthusiasm of this recent rally and are waiting to buy at the recent lows.


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