Gold has found at least a short-term double bottom at 1851. It has since bounced to 1935 as I type. Yet no major resistance has been broken, and therefore today I am going to focus on the parameters to signal whether the bottom is in or lower lows are ahead.
Legendary investor Eric Sprott discusses current events impacting the precious metals markets and then looks ahead to the pending earnings releases of some of the major mining companies.
Stocks and precious metals soared off the lows in March, thanks to Powell’s promise to do “Whatever It Takes” to support the economy and the markets following the widespread implementation of lockdowns to mitigate the spread of Covid-19. He delivered $3 trillion dollars in QE that almost doubled the size of the balance sheet in just three months. It did the job of boosting stocks back up to new highs while it stopped the bleeding in economic activity. Meanwhile the dollar dropped more than 10%. Gold and Silver soared to highs not seen in many years or ever.
