This Excerpt from Mark Leibovit’s VR Silver Newsletter covering Stocks, Bonds, Gold, US Dollar, Oil CLICK HERE
**Note: Mark Leibovit will be speaking at Michael Campbell’s Gold & Precious Metal Conference October 23 in Vancouver!
Precious metals rose yesterday as the Dollar fell to new lows, but the metals finished well below their morning highs. Gold rallied 9.30 to 1381.20, its 17th record high in a little more than five weeks. It hit an all time high of 1388.30 yesterday morning. Silver gained 0.58 to 24.63 and traded at a 30-year high of 24.95 in the morning. Platinum was up 6 to 1711 but had been as high as 1729. Palladium rose 8 to 602 and hit a 9-year high of 609. Copper finished down 0.0050 at 3.8155 but earlier traded as high as 3.8675, a 27-month high.
The ratio of the price of gold to that of silver dropped to the lowest since August 2008 as investors sought a precious metal that may also benefit from economic growth.
Silver is in need of a technical retracement, ideally back to at least 23.50 (Spot). At the same time, current technicals suggest we’re next likely headed to 26.50 and then 28.00-28.50.
Gold may satisfy my forecast for seeing a 1500 target by year-end (of course, overall on its way to 2000 and 3000).
For more in depth analysis, see my VR GOLD LETTER. A special discount is offered to Silver and Platinum subscribers: www.vrgoldletter.com!