by Craig Hemke
With COMEX gold getting very near new 2020 highs, concern is growing that COMEX silver is not coming along for the ride. Let’s give it a few days and then check back.
Let’s start with COMEX Digital Gold. Recall that prices surged with the onset of QE8 on March 23. In the thirteen weeks since, price has rallied from $1488 to Tuesday’s intraday high of $1786. That’s $298 or almost precisely 20%. Not too shabby for just one calendar quarter. If price is able to replicate that move over the next 90 days, we’ll be looking at about $2150. Most of you reading this post would probably take that in a heartbeat!
For now, though, while price has rallied strongly since June 5, it’s still within the same range that has contained it since mid-April—roughly bounded by $1680 on the low end and $1780 on the high end. What we await is a breakout above this range and a daily close above the April 14 intraday high of $1789.