Silver outpaces gold
The silver bugs are proving to be resilient.
Gold is consolidating but silver may be in the midst of another breakout. The rally today may have punched a path higher from the bull flag pattern on the chart.
Despite the technical break at the moment, I’m skeptical of precious metals in the short-term. Markets are giving Republicans a better chance of holding the Senate and that raises the odds of a divided Congress. With a Biden presidency, that would lead to tighter fiscal policy and unwind some of the recent gains.
In the short-term, which out for the Aug 18 high of $28.47.