by Mike Gleason
Precious metals markets appear to be gearing up for another leg higher. On Thursday, the metals complex rose sharply across the board. Gold gained about 2.5% while silver packed on nearly 4%.
Both of the monetary metals showed signs of breaking out of the sideways trading ranges they’ve been stuck in over the past four weeks. Silver closed solidly above its 50-day moving average for the first time since late February.
Bulls will be looking for confirmation with strong weekly closes today and then follow-through early next week.
Metals markets – the white metals especially – stand to benefit from gradually improving economic conditions. Although the economy remains largely locked down with tens of millions out of work, dozens of states will be lifting restrictions over the next week, unleashing pent up demand for commodities.