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Gold And Silver Making Bullish Moves
Posted February 14th, 2014
TANGIBLE INVESTMENTS - Laguna Beach - The gold price hit fresh three month highs on Friday and is currently trading at $1,318.10 an ounce and is poised to post its best weekly gain in six months as the dollar retreats. "Gold continues to trade extremely well and it is basically taking out one key resistance level after the other," said Michael Widmer of BofA Merrill Lynch. The past few sessions have seen an improved technical picture and Gold's move above its 200-day moving average, not seen since August 2012, looks bullish, said Standard Bank.
Gold has rebounded more than nine percent since the beginning of the year, after a 28 percent dip last year, and it looks like the yellow metal may be trying to get even this year. “Gold got seriously hammered last year, and with the stock markets not performing as well as expected, some investors are reconsidering their allocation to gold,” said Wallace Ng, of Gemsha Metals Co., in an interview.
“But perhaps most importantly of all, gold is breaking out to the upside in terms of any number of currencies,” says Dennis Gartman of The Gartman Letter. “It is doing so, or more properly has done so, relative to the British pound sterling; it has done so relative to the Japanese yen; it has done so relative to the Aussie dollar; it has done so obviously relative to the Russian ruble. Gold, as a currency, is simply the best of the lot. We are impressed; so too should everyone be.”
The price of Silver, continuing to track Gold, jumped nearly five percent on Friday, its biggest gain since mid-August, and at the time of this writing it's trading at $21.43 an ounce. Platinum gained one percent to $1,423.00 an ounce, while palladium added 1.2 percent to $737.75 an ounce.
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