Precious Metals Market Update

Gold has already gone from $1207 to $1267 year-to-date, providing more than a 5% gain in just a little over a month. I certainly expect to see much higher prices going forward.

You can easily understand why gold took a 28% dive last year when you’ve got a hundred people thinking they own gold when only one of them truly does, and that person has that gold in their possession.

We’ve said many times that once the dollar breaks down to 78 from the 81 it is right now in the world market, that’s pretty much when we think the game is over, and that’s when gold accelerates above $2000, and then goes on up to much, much higher numbers than that.

The next move for gold, we think, will be 8 times up, which will put it around $10,000.

Gold and silver need to slowly build their foundations back over the next few months to get an all out buy signal based on technical analysis.

The Indian government dropped the gold tax from 10% to 6%, which will put a flurry of new buyers into the gold market.

We are seeing a lot of silver interest now with the price back above $20.

The markets have been going down, and we're hoping for a bottom some time this week or in the next two weeks as the shorts expire in two weeks on the 19th.

I want to talk about the performance or lack of performance of the metals this year and remind listeners how many times on this show I’ve talked about buying palladium.

Precious Metals Expert, Tom Cloud, discusses the recent jobs report and how it impacted gold prices. Tom also gives an updated technical analysis of gold and silver.