If there was any doubt coming from chartist-technical analyst folks in the past few days arguing for another leg down to complete the correction for a more orthodox and traditional A-B-C-D-E retracement and Fibonacci correction, well, gold today solved the dilemma for all of us… Now the metals need to stay above these levels, especially silver,compared to gold and palladium, or platinum, which seems to be a little more vulnerable for another brief dive under 19$. However, make no mistake: once gold initiate the move and break up to resistance levels, soon after silver follow and most of the time surpass gold in % wise! The continuation of this move will be the real test, if the sparkle is strong enough we do not have major resistance till 1500$ and 25$, but that could take a couple of months (maybe less) from where we are now.
Physical market was extremely busy today, a very good sign indeed, the phone never stop ringing all day. The premiums have not reacted to the fresh move yet in both gold or silver. I wanted to mention that numismatic pre 1933 US gold in $20 pieces was up 40-45$ today from Friday! If you follow this blog you remember that I have kept track almost daily of this good come back in the gold graded coins, and is not over yet.
Updates coming tomorrow for both gold and silver.