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Gold and Silver Report - Peter Degraaf

Gold and Silver Report - Peter Degraaf
By Peter Degraaf 11 days ago 7378 Views No comments

October 11, 2017

The Gold Direction Indicator has just turned positive again, at 71%.


Featured is the daily gold chart. Price found support on Friday and produced an upside reversal. Then on Monday, gold began to break out at the downtrend line. A close above the blue arrow will confirm the breakout with a target at $1360. The supporting indicators are positive, as well as the moving averages which are in positive alignment and rising. The Gold Direction Indicator closed at 71%.

Gold usually rallies after the Chinese ‘Golden Week’ holiday, (see charts courtesy Zerohedge.com).

These five charts are courtesy Zerohedge.com. The first four show what happened to gold at the end of the Golden Week holiday in China (usually at the end of September, or beginning of October). Chart #5 appears ready to follow in the footsteps of the prior 4 charts.

This chart courtesy Goldchartsrus.com shows US money supply continues to rise. This sets the stage for a similar rise in the price of precious metals.

Featured is a chart that compares the gold mining index to the gold price. The trend favors mining stocks, and that is bullish for both stocks and bullion, but most of all for mining stocks. A new rally appears to be getting underway, as price is breaking out at the blue arrow.

This chart courtesy Goldchartsrus.com shows the amount of silver in ETFs and Trusts is increasing, after 2 months of declines.

Featured is the weekly SLV silver ETF chart. Price is breaking out at the downtrend line and the supporting indicators are positive. The target is 17.00. This target lines up with silver bullion at 18.50.

DISCLAIMER:

Please do your own diligence. Peter Degraaf is NOT responsible for your trading decisions.


Peter DeGraaf

Peter Degraaf is an investor with over 50 years of experience. He publishes a daily market letter for his subscribers. For a recent issue, please visit www.pdegraaf.com


The author is not affiliated with, endorsed or sponsored by Sprott Money Ltd. The views and opinions expressed in this material are those of the author or guest speaker, are subject to change and may not necessarily reflect the opinions of Sprott Money Ltd. Sprott Money does not guarantee the accuracy, completeness, timeliness and reliability of the information or any results from its use.

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