Gold and Silver Are the Only Bright Spots
Gold and silver continue to be the lone winners this morning as the major stock indexes come under pressure for a fifth consecutive day. Many traders and investors in the financial media continue to see gold and silver as a bubble, however, very few people in the public actually own any gold or silver outside of their personal jewelry. This is very different than the housing bubble in 2005, or the tech bubble in 1999. Gold and silver are now considered currencies as central banks continue to inflate the money supply on a daily basis.
This morning the SPDR Gold Shares(NYSE:GLD) is trading higher by 0.97 cents to $142.87 a share. The all time high for the GLD was made four trading days ago at $143.84 a share. This high will still be minor resistance until the GLD can close above that level on a daily chart basis. The GLD will have intra-day resistance around the $143.00 area and more around $143.75.
The iShares Silver Trust(NYSE:SLV) is making a new all time high this morning. The SLV is trading higher by 0.72 cents to $40.29 a share. There will be some intra-day resistance for the SLV around the $40.50 and $41.00 levels. The daily chart remains in a strong uptrend trading above all of the major moving averages.