Precious metals prices gained slightly last week even as the Euro/USD traded down to $1.34 and the Fed raised the discount rate from .25 to .75. Gold closed at $1,121 and was...
The Metals Pit Review
For the week of February 22nd, 2010
By PitGuru Daniel Cronin
Precious metals prices gained slightly last week even as the Euro/USD traded down to $1.34 and the Fed raised the discount rate from .25 to .75. Gold closed at $1,121 and was pretty impressive, holding on to the gains from last week; but it is Silver that I want you to watch now as prices trade above $16.50 and the chart looks to be consolidating with a big upward push coming shortly. I would be more inclined to recommend Silver bull plays right now as I believe this market will outrun Gold in the next few months.
Copper is now trading above $3.35 again and this market is showing power and strength rallying all the way back from a low of $2.80 seen two weeks ago. What a buying opportunity that was; now the market is only off the high by 13 cents or so as the market tries to figure out what to do this week. I like this market a lot, but not at the prices up here so I would much rather be a buyer on dips on down days than chase the market higher with the high so close to the trading price right now.
***chart courtesy Gecko Software’s Track n’ Trade Pro
Past performance is not necessarily indicative of future results.