August 9, 2024 - (Gold Market Wire) - In the wake of the equity mayhem, Gold has been "Mr. Steady." The reliable metal is coming into its own. On the wide, it's been less than $200 /.oz for four months +. Considering where we've come from - that's a stellar performance.

But when we turn to Silver - the challenge is more formidable.

Silver needs to get back in the channel - pronto! It's not only Friday. We are creeping towards the last two weeks of August... where the locals and COT, who haven't decided to bail-out for the Hampton's are rubbing their hands with glee. With the institutions flat - they get to whip the market around, and there is no better place for that than Silver. The 50/100-day moving average is blinking a warning sign as well.

The long term perspective is also looming for Silver:

We were one of the only ones who didn't buy the dip. We thought the market was overbought, US election mayhem was cooling, and the mid-east war was late to the front... - and because the books are being squared. Add to all that that the chorus of "Gold to $3,000" could be heard peeling through the 'inter-webs', everywhere.

With the last two weeks of August looming, it's never a good time to take big positions. Maybe everybody wants one last holiday before WW III starts? And who could blame them?

Gold is solidly mid-range, but Silver is struggling. We are on the sidelines. Unless we get a real solid performance into the close, a Silver sell-off could begin. The moving average cross has us eye-balling a down move. Then, when we come back in early September, we will have "silly season" for two months, where an equity blow out to the downside could form. The fun never ends.

Our first, small, buy is targeted just under $26.00. We are sticking with that.

All eyes on New York's action today. Good luck!