David Morgan: Gold & Silver Regain Momentum as Dollar Hits 3-Year Low
Top silver market expert David Morgan tells Silver Doctors the gold and silver markets have just seen a significant positive change in momentum. As soon as Treasury Secretary Steve Mnuchin said at the World Economic Forum a weak U.S. dollar was good for trade, the U.S. dollar slumped to a three-year low, sending gold above it's key resistance point of $1,350. Silver also spiked, outperforming gold. Silver outperforming gold is a bullish sign for silver. Morgan sees silver continuing to outperform gold this year.
Morgans says the U.S. Dollar has no support. The chart looks like "a toothpick holding up a big building." But he says gold is more negatively correlated with the stock market than the U.S. dollar index. Therefore, if gold is going higher, expect a correction in the stock market. Saturday was President Trump's one year anniversary of his inauguration. While Morgan does not consider himself a huge Trump supporter, he is encouraged by Trump's first year in office. "What a shakeup," Morgan says.
David Morgan is a world-renown precious metals aficionado. He is the creator of the Silver-Investor.com website and The Morgan Report, a monthly report that covers economic news, overall financial health of the global economy, currency problems and the key reasons for investing in precious metals. A dynamic, much-in-demand speaker all over the globe, David's educational mission also makes him a prolific author, having penned Get the Skinny on Silver Investing and his latest book, The Silver Manifesto
