What's Next for Gold and Silver Prices?

Readers of my newsletters know well that I have been very bullish on gold for a long time. On April 27, 2023, I wrote, “I am now expecting a corrective cycle in gold that should result in either a sharp price correction back to $1800 per ounce, or a protracted period of choppy consolidation as the market digests the recent sharp rally from $1615 to $2048 that began last fall. I will be looking to buy the next corrective sell-off and play for an even larger rally that will take us well above $2,000 per ounce.”

Then, on October 11, 2023, I wrote, “We finally hit my buying zone last Friday, the 6th of October, when it reached $1810. I have covered my shorts, and I am now expecting the anticipated rally to develop. Overall, I think that the mid-$1800’s are a great buying zone for a move that will likely surprise many people with its eventual force.” Well, the anticipated move higher is well underway. We have touched $2354 today, having rallied 30% since that buy recommendation. Later in today’s write-up, I will provide some updated forecasts for gold, as well as some thoughts about silver, another of my favorite markets to trade right now.