Now is the Best Time to Buy Gold and Silver! Chris Vermeulen Predicts Major Price Increase
Now is the Best Time to Buy Gold and Silver! Chris Vermeulen Predicts Major Price Increase
Gold prices rose before the release of US inflation data as the value of the dollar and bond yields decreased. The lower dollar value made gold cheaper for holders of other currencies. Chris Vermeulen, an experienced and successful trader, predicted that precious metals and mining stocks could see a significant price increase in the coming weeks or months. This could happen if the stock market declines, causing investors to move their money into safer investments.
Craige Hemke, the founder of TF Metals Report, expressed that precious metals have seen a decrease in their prices recently due to factors such as higher interest rates and a stronger dollar. However, both metals have found support around their 200-day moving averages, which is a technical indicator that suggests a possible halt or stabilization in their price declines
The price of gold has been in a short-term downtrend since reaching its recent high. However, gold miners have outperformed the broader market in recent weeks. When the stock market is in a bearish phase, investors are more likely to buy gold miners as a way to protect their wealth. Based on the chart analysis, Vermeulen highlighted that gold miners tend to move up when the stock market is bearish and move down when the market is bullish
Gold is seen as a safe-haven asset during bear markets, when stocks are declining. Owning gold provides protection from counterparty risks that may arise during a recession. As gold holds its value better than stocks in bear markets, it can be sold to raise cash if necessary. Vermeulen, expressed that when the stock market shows signs of tiredness, defensive sectors like utilities, precious metals, and miners tend to become more appealing to investors.
Vermeulen added, If the stock market reverses, it could be a good opportunity to trade gold miners.
Silver has dropped from its recent highs but has found support near its 200-day moving average. However, there is an expectation that it may face further downward pressure due to deteriorating liquidity conditions. Despite a brief pullback, silver managed to rise due to a weaker jobs report weakening the US dollar. It remains close to the 200-day EMA without significant changes in its overall outlook.
Chris Vermeulen predicted that silver could experience a further decline in the short term before finding a bottom and starting a new rally. Craig Hemke believes that the price of silver has been forming a pattern of higher highs and higher lows. It is currently trading around its 200-day moving average, just as it did during a previous low earlier in the year. Each time the price drops below the 200-day moving average, it tends to recover and move back up again.
Silver is currently trading between two moving average indicators. If it breaks above the shorter-term moving average, it could rally higher. Conversely, if it breaks below a certain level, it may decline further. The short-term outlook suggests uncertainty, but buyers are showing determination.
Gold prices declined at the end of 2022 but have since gained momentum and risen towards 2,000$ per ounce. Concerns about the financial stability of certain banks have increased interest in gold, as have central bank purchases of the metal. Analysts predict that the price of gold will continue to rise and may exceed 3,000$ per ounce by 2025 and silver will outperform gold once it breaks through the 30$ to 50$ level.
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