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Still Waiting for the Bottom

gold bar image for june 13 article


13 june silver price chart

Nothing has changed. Silver still has a date with 28.50 “at least” imho. Worst-case is a drop to $26.50. Thereafter, Silver is going much higher.


13 june silver price chart

The same goes for Gold. I expect it to reach$ 2,285 at a minimum, but below there, the worst-case is $2,150 imho. This would also close the massive gap from the peak at $2,454 to the 200-day moving average.



On balance, the FOMC was hawkish yesterday, as I suspected they might be. Inflation may be slowing but not fast enough and prices continue to rise. The Fed actually raised their inflation forecast. They have now cut their forecast for rate cuts from 3 to 1 this year. QT is to continue also. All with a backdrop of supposedly a strong economy and labor market, which is nonsense imho. This is bearish for the metals and miners.


The Banks remain extremely bearish for both Silver and Gold, which can’t be good…  

13 june silver price chart

13 june silver price chart

Sentiment remains relatively bullish. Retail buyers haven’t thrown in the towel yet, far from it. This also supports further downside.


Conclusion on Precious Metals Prices

Once we hit bottom in both Gold and Silver, up they go to new highs imho. Gold to $2,500-$2,700 and Silver to $35-$42. The question is where we bottom. The metals may have some way to go yet on the downside.


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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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