Gold, silver and platinum taking a rest

June 2, 2020

New York (June 2)  Like Monday, gold, silver and platinum are churning around the mean, all slightly lower. Looking back at Monday’s trade, gold spent the day on both sides of unchanged, while silver was higher all day but off the highs and platinum was down early and rallied hard late.

The metals continue to be strong and appear to be taking a rest before the next move higher. The current patterns suggest the rally will continue across the board as they rotate strength from one to the other.

Silver is the strongest, making new nine-month highs on Monday. The $19.75 level is now in sight, and it would be no surprise to see new yearly highs. Gold and platinum are in similar patterns but at different stages. Gold looks ready to pop and make another run at the $1,800 level in the August futures. Platinum looks poised for a run at $1,000 although still in consolidation. We remain long across the board and see no reason to believe that will change any time soon.

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