Gold, Silver Hold In Tight Range
Metals managed a small gain onWednesday as equities regained all of Tuesday's losses. The fear, no-fear tradehas had no effect on the metals the last couple of days, which supports ourviews that markets trade independently and are not always correlated.
Gold has been consolidating forthe last four days as it tries to hold gains and keep the bottoms in place.Silver has been in congestion for months. Both metals now look poised for a runto the upside. The lows appear to be in, clearing the way for an extended rally.
Commodities are looking strongand are looking to continue their upward momentum. Gold and silver look likethey are ready to join the party. Our expectations are equities will sell off,bringing new money to commodities, especially gold and silver.
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