by David Smith
Ask precious metals’ holders and chart technicians what in the last 6-8 weeks stands out in their mind and they will point to the breakout of gold and silver above areas which had contained them for almost a decade.
Gold rocketed without pause to $2,070. Silver, though still well below record nominal dollar highs, sliced through $26, which was supposed to be a lid on prices until next year.
A litany of “price pullers” we’ve long discussed in our essays – government deficit spending, lagging metals’ production vs. exploding demand, and an almost complete absence of big discoveries have all played a part.