Gold moved higher and silver did more or less the same and some may say that nothing really exceptional happened on the precious metals market. And they would be terribly wrong. Gold stocks soared! The implications are too clear for anyone to ignore. Our initial upside targets were already reached, but this doesn’t automatically mean that the outlook changed. What changed?
The upside potential.
Being bearish for the medium term is one thing, but ignoring an extra clear buying opportunity is a something entirely different. We don’t think that the final bottom for the precious metals market is yet in, but at the same time it seems that PMs got ahead of themselves during the decline and need to correct first before they will be ready to decline once again. Friday’s exceptional rally in gold stocks very strongly suggests that the precious metals sector will move higher than we previously assumed. You will find the details and up-to-date price targets in today's Gold & Silver Trading Alert.