Skip to comments.CITI: The 'Poor Man's Gold' Trade Could Cause Silver Prices To Surge
Posted on 08/24/2012 3:54:32 AM PDT by blam
CITI: The 'Poor Man's Gold' Trade Could Cause Silver Prices To Surge
Aug. 24, 2012, 4:27 AM
Tom Fitzpatrick, a top technical analyst at Citi, continues to be bullish on gold and oil.
But in his latest commentary for King World News, he argues that the charts are looking bullish for silver.
Silver has also held nicely above the $27 level, and very recently we have seen silver begin to outperform gold. The silver chart looks very bullish. We believe that silver will continue to outperform gold in this breakout move. ... The trend line down and 200 day moving average are under threat at $30.37-48 (see chart below). A weekly close above (200 day moving average) would open the way for the double bottom neckline at $37.47 (23% away). As gold goes higher, do not be surprised if Silver becomes the poor mans gold trade and plays some catch up.
Here's Fitzpatrick's chart:
(Excerpt) Read more at businessinsider.com ...
Gold Is Off To The Races!
Platinum and Palladium are also doing very well at the moment thanks to that business at that mine in South Africa...