Melman on Gold & Silver
August 2014 by Leonard MelmanWhile most precious metals observers tend to pay more attention to action in the gold market as opposed to silver, there are times when the white metal can give us particularly sharp price targets going forward.
After six years of primarily sideways action, gold broke decisively to the upside by breaking above strong resistance between $1,350 and $1,400 by soaring to near $1,450 before correcting moderately.
The most important question, of course, is when these deteriorating fundamentals (positive for the precious metals) will overcome the lengthy deterioration in the long-term trading charts for gold and silver and their associated mining shares.
In our opinion, these dizzying up and down moves reflect not so much a change in the direction of hard data, but rather fluctuations in sentiment regarding the degree of danger relating to the overall international economic structure.
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