Friday, March 30, 2012

Precious Metals Have Bottomed Here

"This quiet we are seeing masks an important development. Almost every day for the past couple of weeks gold and silver have tested critical support, which is $1650 for gold and $32 for silver. And every time the precious metals dipped below these price levels, they bounced back. One can only conclude that support at these levels is solid.

Last Friday's close above critical support levels was particularly important. The day traders and scalpers -- which are active traders in the paper markets -- rarely carry positions over the weekend....

So when these guys exited the market last week, precious metal prices closed the week above important support. It was a sign that the precious metals are sold-out."

- James Turk via a recent interview with King World News, read the full article here: