Long term bullion dealer Barry Stuppler believes that today was a big one for the precious metals markets. Simultaneously passing through $1300 for gold and $20 for silver is significant. It should have the effect of shaking the shorts out and preparing the way for the next rally through $1400 and perhaps $1500 as well. The Asians have stepped up their buying and we’re even seeing buying out of Japan. At the same time, production is declining. Newmont, Barrick and many other producers have cut back their production, which will lead to shortages. This could be an exciting time for precious metals.
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