Going Going Gold

Again, it’s too early to say for sure, but it certainly looks as if the price of gold has hit a turning point that augurs well for rising prices for the balance of 2016.

by Alfred Adask
The International Forecaster

In the last week of April, the big news was gold. On January 1st, the price of gold was $1,060. On Friday, April 29th (the last market day in April), gold came close to $1,300-after smashing through the $1,250 price resistance level on just the day before (Thursday, April 28th).

[…] On Thursday, I wondered if The Powers That Be would allow gold’s break through the $1,250 barrier to stand. I wondered if gold would be smacked down below $1,250 on Friday, the 29th.

Much to my surprise, the Powers did not push gold down on Friday but instead allowed it to rise $26 and nearly touch the $1,300 level.

This price rise does not impress me as simply a victory for gold. It impresses me as a possible concession by the Powers that seek to hold gold down.

It’s certainly too early to say for sure, but it looks as if the Powers are conceding that they’ve lost the will and/or the capacity to continue suppressing the prices of gold and silver.

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