Silver and gold have been crashing before comex future close. They both have risen very sharply after the expiry of comex future close. If history were to repeat itself or previous months trend were to continue then silver can trade with a softer bias till next week. Silver should rise very sharply from the first week of March. If silver price rises then gold price will also form a short term bottom. Using this logic, I will suggest that one should use sharp fall or corrections till 2nd March to invest for the short term.
Global focus is on bitcoin and crypto currencies. Everyone wants to be a part of the bitcoin craze. Gold is an untouchable now. This is the only reason why gold prices are falling. There are no other reason to justify the same. Bitcoin and crypto currencies are not affected by positive/negative global economic fundamentals. They are just momentum, hype and optimism that a wider acceptance (in daily use) will result in higher demand and very low supplies. I am not asking you to avoid trading and investing in bitcoin. My personal advise is to use a part of the profit from bitcoin to buy physical gold and only physical gold.
If you are filthy rich then buying land near a fresh water source will be much better than gold. Sources of fresh water is falling every day due to manmade global warming. Water and Fresh Water will be the only gold over the coming years and nothing else.
Next week’s US economic data releases
Tuesday (23rd February), Japan is closed. Big and key US economic data releases are on 25th February and 26th February. US durable goods, GDP numbers and US consumer spending numbers are there on 25th. Friday (26th) we have US personal income and spending. All these numbers will have an impact on US ten year yields. Bond yields will in turn day to day price trend of gold and silver.
COMEX SILVER MARCH 2021 – current price $2666.00
- Silver will crash if it trades below $2643 to $2538 and $2496.
- Fifty day moving average is at $2643. This is the key short term support for silver.
- One should use any corrections in silver upto $25.00 (if any) to invest (in May Futures) for the short term with a stop loss below $23.30.
COPPER MARCH 2021 – current price $390.30
- Copper can rise to $409.50 as long as it trades over $382.50.
- Copper will crash only if it trades below $382.50 any day till next week.
- Copper will also sell off if US stock futures sell off.
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