September 16, 2024 - (Gold Market Wire) - Friday's close was about as strong as they come, signalling that Gold looks ready to stay firm, despite what the Fed does this week with short-term interest rates. The political situation in the United States is now taking the lead from all other considerations as another assassination attempt on Donald Trump, sets the country on edge. The precious metals continue to reflect the position that America, as a nation, is staring into the abyss. No wonder the firmness of the metals continues.

In the search for metals value, one could hardly do worse than look at Silver. The charts set up looks tempting, to say the least.

With a ratio against Gold of about 84, we are close to the highs of 90, and the chart looks solid.

Gold continues to sail downwind and upward in price. It is free from the 'shackles', and has $2700, if not $3,000, in its sights. We have dismissed the Goldbugs calls for $3,000 "any day now", which have been persistent for years, but they may yet be proved right - finally (broken clock and all that).

As for our 'late to the party' stance, we are ready to see $2,700 as a target to position for. We take comfort in the fact that our core position has been steady and (mostly) growing for over a decade. We have missed the last $80 of upside action from the trading position and, without ego, are ready to admit that we look like we have been caught offside. No matter. On to the next trade. Core, of course, remains sacrosanct.

Someday soon, Silver is going to play catch-up, and roar. We think, given the chart, the time to position for it is now. Length is the order of the day.

The geo-political situation for the world, and America and the EU, domestically, continues to deteriorate. And the Metals continue to do what they should do - move higher. We may get a pullback - but if we do - it will be a buying point.