"Plethora of positive market forces" emerging in November, says Tim Iacono
Gold and
silver closed on Friday at their lowest levels in more than a month, part of a broad market sell-off that favored safe haven assets as hedge funds in futures markets were more inclined to take profits than add to long
gold positions after the impressive summer run-up. Look for even lower prices for both metals in the week or two ahead since, absent an early-bailout request by Spain, there are no other obvious catalysts to push prices higher over the near-term.
But, the good news for precious metals investors is that, in the weeks ahead, institutional investors and central banks are sure to step in and make purchases to provide price support and, more importantly, the month of October will soon be over. Beginning in November, a plethora of positive market forces will develop that should push
gold and
silver prices sharply higher, the most important being renewed focus on the massive U.S. debt after the election.
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