Tom Fitzpatrick tells King World News:
“We will just have to see if silver can solidly move through the $20.50 to $21.50 area. If silver does eclipse that zone, then we will see a decent acceleration in the silver price to the $27.50 level, which is about 35% higher than the current silver price.”
Fitzpatrick also added: “We are increasingly of the view that both gold and silver have bottomed. We have always viewed the down-move in both gold and silver as a correction, albeit a severe one, but a correction nonetheless. This will now provide the platform for the metals to push higher in their secular bull markets.
For what it is worth, there is an interesting correlation to what we are seeing today in the gold market and what happened at the bottom in gold in 1976. 4 weeks after the low was posted in gold in August of 1976, the equity market rally peaked with a marginal new high as gold closed that week 14% off the correction low. The low so far in gold was posed 4 weeks ago. ...