Chris Vermeulen: Caution Advised Before Gold Targets $5000 and Silver Targets $100+
- Palisade Radio
Tom welcomes Chris, the founder of Technical Traders Ltd., back to the program. Chris discusses the enormous short position on silver and why it will take awhile to unwind. To subscribe to our newsletter and get notified of new shows, please visit http://palisaderadio.com
Silver has hit his previous targets and appears to be moving higher. He says, “We are now in a bull market for silver,” and he gives us his next targets. More upside remains for the metals, but the broader markets will probably roll-over later this year. That will likely spark a sell-off and after that correction who knows how high silver and gold can go. Currently, there is zero fear in this market, and investors are becoming overleveraged. This is typically when everyone gets caught holding the bag, and while the Fed may try, they probably can’t maintain this level of market momentum. The dollar is beginning to fall, having broken its March lows and appears setup for a significant downtrend. The problems today are bigger than in 2008, and as the economy worsens, the Fed will attempt to print more, which can only be bullish for metals. Globally, interest in gold due is increasing due to concerns about the economy and policies of central banks.