Palisade Metals Market Update: Huge Reversal in the Precious Metals Markets – 10/9/14
Jordan Roy-Byrne: Yesterday, on October 8, the precious metals markets had a huge reversal. Gold, at the end of last week, closed at a new weekly low, closing below $1200. Now, gold has rebounded from support(just below $1200). The Question now is: Is this the bottom, or is just a temporary bottom before we see lower lows? Going forward in the next couple of weeks, look for gold to bounce along $1200, and look for resistance in the $1260 range. Silver became grossly oversold and bottomed below $17, recently. We should keep an eye on silver, since it peaked before gold in 2011 (5 months before gold), and therefore it seems more likely to bottom before gold. In terms of the stocks, they’ve all had sharp rebounds. The junior stocks are showing the most strength, and are likely to become the leader of the coming bull market.