Gold and silver have accelerated their rise during this afternoon’s electronic access market trading, with gold within a hair’s breath of a weekly close above $1700 with a last of $1694.20, and silver nearing $32, up nearly 5% on the day to $31.88!
Folks, with Jackson Hole now in the rear-view mirror, the gold and silver train is getting ready to leave the station.
Once gold clears $1700 it will target $1800 and from their it is a short jump back to all-time nominal high’s near $1900. Eric Sprott has stated gold is likely to clear $2,000 by the end of the year, and that’s looking like an excellent call at this point.
Once silver clears $32.50 it will move rapidly to $35, and from their, massive stop-loss triggering could send it back through $40 in a flash. We think it likely silver won’t make fresh all-time nominal highs until late Q1 or Q2 2013, but silver is known to become disorderly to the upside during large bull moves.
On Tuesday, volume will return to the markets as traders return to their desks after summer vacations, and today’s explosively bullish weekly closes in gold and silver will not go unnoticed.
Look for big moves early in the week in both metals.
Silver’s nearly 5% move to the upside: