Melman on Gold & Silver
June 2021 by Leonard Melman
The great question now is whether the correction that followed was an end to that bull market—or just a lengthy corrective phase prior to another important bullish move. Let’s turn to technical analysis of the chart for a possible answer.
...the much more important question is this: does this short-term strong rally necessarily portent a genuine turnaround from the metals share bear market that has been ongoing since mid-2011? For a possible answer, we turn to the long-term, five-year XAU chart.
The “battle lines” are being clearly drawn. By the time you receive this issue both party conventions will take place within just a few weeks and there will be only four months until the final vote.
It appears that market softness due to a slowing Chinese economy may already have affected precious and base metals quotes.
From our precious metals point of view, I would note that if the production of these metals fails to meet demand, prices will likely rise, perhaps very smartly, thereby fueling additional increments of future inflation.
When we look ahead into 2011, we see continuing troubles such as those listed earlier, which will force the public to question the effectiveness of the entire concept of economic strength and vitality through government interventions. In fact, many of those interventions have been abject failures, and we wonder if or when the public will lose confidence in the entire system.
Last month saw the mining industry take center stage as Toronto, Ontario was once again host city for the giant PDAC annual mining convention. We take at look at that gathering below, focusing on some of the negative industry sentiment on display.
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