• FREE Shipping & Insurance on Orders Over $500
    FREE Shipping & Insurance on Orders Over $500
back to top

Get Some Physical Gold or Silver Now!

time to get silver and gold

GOLD Technical Analysis


Gold chart 1 nov 2024

There is an increasing risk that Gold will bottom around 2000. This is by no means certain, but all the momentum indicators are pointing up. Both MACDs have crossed the zero line to the upside.

On the contrary, the banks remain heavily short Gold and sentiment is extreme bullish. But sentiment can remain extreme bullish, especially in a wave 3 move higher.

The alternative remains the same: a break of 2000 and the prior low of 1988 to 1962-1923, worst-case 1900. Until 2000 is broken, the risk is higher from here.


SILVER Technical Analysis


Silver chart 1 nov 2024

The case for Silver having bottomed is even stronger than that in Gold. Silver may have already seen its low at 22, the minimum target for the bottom in wave C/ii. I am buying Silver and miners below 23. The alternative scenario is that Silver breaks 22 and we fall to somewhere between 21.50-20.

But, as with Gold, all the momentum indicators have turned up, with the MACD Histogram now above zero. From a positioning perspective, the Banks are basically neutral, which is bullish. The Funds were actually short last week, another bullish sign. The only drawback is the extreme bullish sentiment in Silver, but as I said earlier, this can happen in a wave 3 of a nascent bull market.

For those focusing on the next few months or years, I believe this is a great opportunity to buy at least some “physical” Gold or Silver here. Premiums are low too. You can always add more if the metals do fall further. But you risk kicking yourself later if you don’t buy “some” now, imho. Confirmation that the bottom is in and we’re off to the races is a close above 2100 in Gold and 23.72 in Silver. Targets on the upside next are a “minimum” of 2200 and 28. The risk-reward is heavily skewed to the upside from here. Get some!

Don’t miss a golden opportunity.

Now that you’ve gained a deeper understanding about gold, it’s time to browse our selection of gold bars, coins, or exclusive Sprott Gold wafers.

About Sprott Money

Specializing in the sale of bullion, bullion storage and precious metals registered investments, there’s a reason Sprott Money is called “The Most Trusted Name in Precious Metals”.

Since 2008, our customers have trusted us to provide guidance, education, and superior customer service as we help build their holdings in precious metals—no matter the size of the portfolio. Chairman, Eric Sprott, and President, Larisa Sprott, are proud to head up one of the most well-known and reputable precious metal firms in North America. Learn more about Sprott Money.

Learn More
Headshot of David Brady

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.


Looks like there are no comments yet.