Precious Metals in a Wild Ride Over Night

Near 3 a.m. NY Time both gold and silver hit highs. Platinum futures went to 2001 yesterday, so platinum is still sprinting higher. Gold is at 909.70, Silver at 17.31, and Platinum 1998. Precious metals are hanging on tightly and should continue to move forward. This appears to be a mini correction at present.

Even if the IMF does sell some 400 tonnes of gold, it should be no more than a minor blip on the trading radar. That is not enough to have any long lasting impact on the price. Gold will continue its climb, as will the other precious metals.

Silver is acting very strongly. The race between PAAS (34.42) and SSRI (33.59) has changed with PAAS ahead for a change. Silver Wheaten (SLW) is showing strength at 15.45, up 0.38 at present.

Our South Africans are holding well. Durben Deep (DROOY) is at 10.81, which I consider a buying range down from 12.11 on January 1st. Harmony (HMY) is also in a buying range at 9.89, down from 13.11 on January 14th. Harmony does seem to have been impacted more than DROOY by the power problems.

Kinross (KGC) is still quite strong among the golds at 22.71. It has been in a range from 24.05 to 18.74 since early January. It is developing a narrowing triangle since January 22nd. Thus, it is looking toward a break out either up or down. It appears to be projecting an upward serge, but one can not really tell at this point in time.

All of our precious metals are in a long term bull market with higher prices on the horizon.

Remember that our God truly has the whole world in His hands and He will have the one He has chosen to be elected this year. We might not be pleased in the short term, but He works ALL THINGS according to His will and nothing can separate His people from His love. Praise the Lord every day of your life.

Best, Doug