I am finishing up at 9:00 on Thursday evening. Gold is $1795, up $4.70 and silver is $35.08, up $0.11. How much longer can the shorts keep gold below an $1800 close and silver below $35? The Friday close and the monthly close have more weight than anything else. If gold and silver close on Friday, above those two resistance points, it is a statement of just how powerful this move up really is.
Obama’s lackluster performance in the debate on Wednesday has put Romney back in the race and the metals seem to approve.
Meanwhile, almost unnoticed, platinum has crept back up to $1727. Not long ago, platinum was bouncing around below $1400. Platinum is the forgotten metal. I love it. I consider it a legitimate alternative to gold but without the confiscation issues. The next time you are thinking about purchasing gold, give platinum some consideration. Remember, platinum usually sells for MORE than gold and now it is $70 less than gold. It has more than doubled in price in the last four years and should be a part of your precious metals portfolio.
Last year at this time, gold was falling like a rock, down to $1625. This year it’s totally different with gold flirting with $1800 and moving up with conviction. Forget the naysayers who try and keep you on the sidelines with warnings of a major pullback. Who is selling gold and silver now? I can’t figure it out and we here at Miles Franklin are getting very few buybacks. This is a buyer’s, not a seller’s market.