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Bottom in Gold and Silver is Near, Finally


In recent market updates, we've been closely monitoring the trends in both silver and gold. Today, we'll discuss the current state of precious metals prices and what to expect in the near future. 

Quick Recap of Recent Precious Metals Data 

Yesterday, I shared the following on X:


This morning:


Silver dropped to 22.65 following the data, but it’s already rebounding now… 

Silver Price Movement


I am not sure if this is the low or not. I still prefer a double bottom at 22.14 or ideally a lower low in the 21 area. That said, for those with zero physical silver, this is a good place to start adding some. 

Gold Price Outlook 


Gold hit 1922 this morning and is now rebounding. Could still see 1915, 1900, 1875, or worst case 1850. 

The big picture remains the same for both metals:

Silver Analysis 


Stated last week in the article Peak Yields and DXY to Signal Lows in Gold and Silver

“My preferred scenario is that it breaks the 200D MA (done) and the green support trendline dating back to the bottom in September 2022. This would ensure maximum bearishness and provide us with the final low that acts as the launching pad to $30 plus next. That lower low would be somewhere between 22-21, worst case 20.75, IMHO.”

Gold Analysis 


I’ve been saying this for weeks now because nothing has changed: “As long as it remains above 1900, I’m only looking up. But a break of 1900 would mean at least 1875, or worst case, closer to 1800.” 

Conclusion: Approaching Lows for Silver and Gold 

The lows are close, we’re just waiting for maximum bearishness and a catalyst to cause a peak in yields and the DXY and the bottom in the metals. It could be anything, a renewed banking crisis, there are so many potential triggers. In the meantime, I would recommend buying some physical metals at this stage. While we will likely go a little lower, the risk-reward from here is ridiculously skewed to the upside, IMHO. 



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About the Author

David Brady has worked for major banks and corporate multinationals in Europe and the U.S. He has close to thirty years of experience managing multi-billion dollar portfolios including foreign currency, cash, bonds, equities, and commodities. David is also a CFA charter holder since 2004.

Using his extensive experience, he developed his own process utilizing multiple tools such as fundamental analysis, inter-market analysis, positioning, Elliott Wave Theory, sentiment, classical technical analysis, and trends. This approach has improved his forecasting capability, especially when they all point in the same direction.

His track record in forecasting Gold and Silver prices since has made him one of the top analysts in the precious metals sector, widely followed on Twitter and a regular contributor to the Sprott Money Blog.

*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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