If you haven’t noticed, gold and silver have been quietly making some solid gains lately. Over the past couple years, it seems that every time gold or silver start to get any momentum, it quickly comes crashing down in just a couple days. That has been the story of gold and silver in recent years, however it seems that things may be changing.
This upturn in the precious metals has been going on now for a few weeks, though it is not being talked about much. Part of the reason is that the stock market is at an all time high of over 20,000, which is getting a lot of coverage lately. Also, since gold and silver have done so poorly lately, no one is really paying much attention to it.
Take a look at the chart below. As of early afternoon on February 8, 2017, gold has risen $7.20 today to bring it to $1240. Not long ago gold was barely hanging on to $1,100, and a couple years back it looked as though gold might get sent back into the triple digits. If gold can continue to make some gains, we may be looking at $1,300 in the near future. If it breaks $1,300, it will be at the highest point for awhile, which will give it a lot of momentum to keep moving up.
Silver is doing pretty good as well. While it only gained a few cents today, it is around $17.75. Nothing compared to it’s all time high of nearly $50.00, but quite a bit above the $14.00 area that it was hovering around for awhile. Imagine if silver starting gaining some steam, as it has a lot of upside potential.
While I don’t want to get you overexcited about gold and silver, it does have some momentum going. If it keeps this up for a sustained period of time and gains the public’s confidence, we may have another bull market coming for gold and silver!