Gold remains in a tight trading range and we will have to wait for things to sort themselves out when gold either closes above $1640 or below $1550, because the back and forth movements in the $1550-$1640 range are just noise. The odds continue to be in favor that the next $100 move in gold price will be to the upside.
Buyers are emerging every time gold is taken down below $1600. Is there still one more takedown in store for gold at this time? We will find out soon enough.
It’s typical for silver to peak with a vertical upward thrust, followed by a steep drop off and then a gradual base-building process. The recent price basing action is consistent with the idea that silver is in the process of bottoming. A break out could be imminent.
Please watch the following video, The Currency Wars: CIA Advisor James Rickards Warn Americans of Coming Currency War: