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Buy the Dips in Gold & Silver

March 21, 2024

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Overall, I am Medium/Long Term Bullish, Short Term Bearish

GOLD PRICE

I believe Gold is heading south, “worst-case” $2120, imho, then it heads up to ~$2300 next. Now that the Fed is out of the way, the extreme technicals, sentiment, and positioning can take effect.

SILVER PRICE

Silver has clearly signaled its intentions to the downside, as forecast yesterday. The question is: how low could it go? It could be as little as $25.25 or as much as $24. That remains to be seen. But once wave ii down is complete, it’s time to zig-zag up to $30 next, imho.

GDX

If GDX has peaked at $30.84, these are the levels to buy on the downside…

Remember, this is a “buy the dips” market. No shorting. Gold is going to $2400 next, Silver to $30, and high-beta miners…well, they’ll crush all-else, 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.