Summary
- Gold and silver are hard currency.
- Flight to quality.
- Technicals look good.
- Fundamentals have improved.
- Gold and silver could launch much higher soon.
Commodity prices are trashing all over the place. Crude
oil is down over $58 since June to under $50 per barrel. Copper broke
long-term support this past week at $2.72 per pound. These are just two
examples of industrial commodities that have hit the skids over recent
weeks and months. The U.S. dollar is rallying - it broke through
long-term resistance and closed Friday, January 16, at the highest level
since November 2003. That certainly does not bode well for commodity
prices, which are dollar-based. However, there is one commodity that has
a dual role as a metal and a store of value, a financial asset that is
shining in 2015. Gold's luster has returned and it is now up more in the
first two weeks of the New Year than it was down all of last year.
Gold's little brother silver is also showing signs of life and coming
very close to a breakout level.
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