Gold, silver and platinum show impressive strength

July 8, 2020

New York (July 8)  On Tuesday, gold, silver and platinum, put on an impressive show. All three appeared to be under pressure early in the session before dramatic rallies to close near their highs of the day.

Gold is once again higher, pushing its way to potentially all-time new highs. The all-time closing high in gold is only $10-$15 from where it is trading this morning. We remain bullish as our $1,780 level August futures held perfectly, showing the strength in gold.

Silver closed at almost a 4-year high and looks ready to break out and test $20 level in September futures. The strength silver is evidence that a run looks to be imminent. We remain long and look for the continued breakout and rally in silver.

Platinum is testing major resistance and could be ready to join the gold and silver party. We have been long gold and silver for an extended period and short platinum. A higher close in platinum today would more than likely trigger a buy signal which would reverse our short position and go long.


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