Last week we saw some real carnage in the gold and silver markets. In two days, April 12 and April 15, we saw the price of gold fall over $200 and many in the financial media came out of the woodwork saying the gold bull was over. Since that time we have had a move off the low of $1,322 reached April 15th to the current price of just over $1,470, a nice $140+ pop back up in price. Silver yesterday was up more than $1.30 to $24.24 This leaves investors wanting to know, have we hit bottom in gold and silver and will this be the 13th year straight of higher gold prices or will we continue the pattern of lower lows?
In September 2011, the dollar hit a low of 74.14 as seen in the following chart. Below that you will see the chart as to where the dollar is today, 4/25/13, currently sitting just below 83 on the index.
From November 2011 to today you can read my comments about the gold and silver markets in an article I wrote Monday; Gold and Silver Doom and Gloom or Crack Up Boom?
Some highlights from the article;
“I believe we get one more push down in gold and silver.” “Gold is still in its second and longest phase. The professionals will still try and buck you off the gold and silver bull.” “Market Makers love to move markets they can control.” “I fully expect over the next few months the Market Makers to test and break the 200 day moving averages lower.
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