![]() ![]() First he talks to seasonality and then technical analysis: Highly acclaimed (literally ranked #1 in the Motley Fool® CAPS stock picking contest during parts of 20, out of 60,000+ portfolios) Paul Franke just published the following this week. Gilburt only quantifies where he sees gold shares taking off to on the GDX VanEck Gold Miners ETF where he sees it going from the current US$26.6 to US$43/45, i.e nearly doubling! One would expect a similar performance of the real thing, gold and silver. This is often a sign that the metals are bottoming out.” In fact, recently, over $620 million was withdrawn from State Street's SPDR Gold Shares, the most since October 2016. What is most interesting is that one of my subscribers pointed out that gold exchange-traded fund investors were selling off their holdings. However, we seem to be coming to the conclusion of this pullback/consolidation we expected back at the end of August. But, please also recognize that we still run a risk of one more spike lower before this pullback completes. Then, in early September, the metals began a 3-month pullback/consolidation as we expected.Īt this point in time, I am seeing the potential for the market to be bottoming out again. However, my expectation also outlined that once that next push higher completed, we would likely see a multi-week to multi-month pullback/consolidation in the metals market.Īs we now know, the metals began a strong rally just as I was suggesting to my subscribers to buy back into the complex, with the follow-through to the upside seen at the time of my public article. Then, in mid-August, I was looking for one more extension to be seen in the complex (which turned out to be a bit shorter than I initially expected). Then, in early June, I penned a public article entitled "Strap Yourselves In - Gold May Take Off Like A Rocketship." “Back in May, I was suggesting to my subscribers that we are likely bottoming and getting ready for the next rally in the metals complex. He called that rally and he called that correction, so his latest advice titled “Sentiment Speaks: Metals Getting Ready To Skyrocket Again” may be well worth listening too. Whilst a subscription based service he occasionally shares his views and his latest is calling the bottom in (or nearly so) on this correction in gold and silver since September after that very strong mid year rally. The rise in demand has been allowing banks and bullion dealers to charge premiums of up to 30 cents per ounce over global prices, while gold is trading at a discount.Elliot Wave technical analyst Avi Gilburt has a very strong following, earned from getting it right more than most. The country fulfils most of its silver requirements through imports, mainly from Hong Kong, the United Kingdom, China and Russia. India has been offering production-linked incentives to local and foreign companies for manufacturing electronics and solar panels in the country. These industries are consuming more and more silver along with the auto industry. Electronics and solar panel manufacturing have been increasing in India because of the government incentives. Local silver futures were trading around 57,900 rupees per kilogram on Wednesday afternoon after hitting a record high of 77,949 rupees in 2020.Īlong with investment demand, imports have also climbed on growing industrial use. India silver imports in 20 were 2,218 tonnes and 2,773 tonnes respectively, down from 5,969 tonnes in 2019. In 20 Indian investors and industry sold off silver stocks after strong imports in 20. ![]() In the first seven months of 2022, silver imports surged to 5,100 tonnes from just 110 tonnes during the same period a year ago, according to provisional data from Ministry of Commerce and Industry. It is being estimated that India’s silver imports in 2022 could jump to a record 8,200 tonnes. Higher demand in India, the world’s biggest silver consumer, could support global prices. India’s silver imports are set to triple in 2022 from a year ago to record highs after a dip in prices to 2-year lows spurred investors to bet that the metal was primed for a rebound and could outperform gold in the coming years.
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