August 5, 2020 - (Gold Market Wire) - The monetary metals, Silver and Gold, continue to power ahead, after Gold crossed the psychologically important threshold of $2,000 an ounce. So far, that move doesn't look like a high tick, and if anything, the case for present levels creating a new floor is gradually being established.

While the vast majority of market professional have expected a pullback after such a dramatic run, the idea that any such pullback has, in fact, already happened, is gaining increasing traction. Our 'bell weather' metal, Silver, whose performance has been nothing short of dramatic (up nearly 50% in a month) now looks to be making yet another leg higher.

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As regular readers on this site know, we have been using the markers of the high/low range of July 28, $26.21 and 22.29, as the tradable parameter for Silver (and Gold, by proxy, for that matter). That high is now fading into the rear view mirror and Silver looks like it will be powering ahead.

Its heady stuff, without a doubt, but the market is now concerned in the extreme with a potential Biden victory, which would unleash the money printing extravaganza of MMT (Modern Monetary Theory) promoted by Stephanie Kelton on the the United States, not to mention the world, via the global reserve currency status the US Dollar still retains. As the market digests such a possibility, it begins to look as if people are running from the US Dollar at full speed. If Biden wins the election, now only a bit more than three months away, the precious metals complex will explode higher. People are positioning themselves for that possibility, and seem ready to grab whatever Silver and Gold they can find - and increasingly price seems to be little impediment.