The
GOLD PRICE and the
SILVER PRICE are rising not only on dollar terms, but also in yen and euros, therefore it cannot be the US dollar decline alone that is driving metals, but a revulsion against ALL fiat currencies. Finally, the US dollar rose today, about 3/4 of 1%, yet silver and gold climbed madly.
Now here's the question everybody has to answer: Is it a bubble, or a bull market? A hint: Bull markets always climb a wall of worry. Bull markets (primary up trends) run 15 - 20 years. The silver and gold bull market began in 2001; 2010 less 2001 equals nine years, not fifteen years.
Let's be clear:
SILVER is way, way overbought. The RSI is at 81.04, and anything above 70 is overbought. Yet the MACD indicator, overextended as it is, shows a clear uptrend, a determined uptrend. Just as silver shot through the 2500s in one day, today it cleared half of the 2700s. The Comex close came at 2742.8c, up 68.4c but in the aftermarket silver kept on shooting up to its present 2773c. Brace yourself: I believe it will go even higher tomorrow. Today at 9:00 when I came in silver was 2675c. At 11:00 it reached 2720c, and by 1:00 2760c.
Y'all remember that I said there was no resistance on the chart (looking back at 1980 and 1981) between 2500c and 3400c, and then between there and 3950c. What you saw today is what happens to a market on fire when no resistance stands in its way.