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We’ve been hearing so much about gold and its coming surge that we had to wonder what’s going on.
Enter Geof Smith, our favorite commodities expert:
“Gold ran too far too fast. Went from 2152 to 2225 (3.3%) in less than a day.
It is pulling back now. Interestingly though, silver is holding up but pulled back $1 as gold has pulled back.
Nothing goes straight up. So now we see where it settles and finds support and then we will see if it pushes higher again.
It is not unusual to see both gold and silver go up over night and once the US opens, it corrects.”
If you remember, a few weeks ago, Geof told us that for gold to go much higher, silver would need to start playing along.
And play along it has:
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