July Silver recently flashed the same buy signal as Comex Gold, but so far the result has been a thudding flop. Silver’s failure to get off the launching pad suggests that gold’s robust liftoff will not get very far. (Even so, a limited move could still produce a theoretical profit of $100,000 or more, based on a traded recommendation contained in last week’s gold tout.) I’ll be looking for silver to drag June Gold down after the latter has achieved a 4636 objective that lies about $70 above Friday’s settlement price. The corresponding target in July Silver is 88.01, a big leap from here. The pressure on gold is not likely to ease up soon, since it is being caused by liquidations by countries strapped to pay for soaring energy costs.
