Gold and silver rallied today flying past recent highs in the process.
Gold closed just under $1,440 today as silver flew past $37/oz. to close around $37.44, we need gold to get over $1,445 to solidify this upward tick higher.
With the news not good coming across the pond, Portugal seems to be in some serious trouble, trouble that they may not be able to recover from on thier own. If Portugals problems show themselves to be as bad as everyone thinks, it does not pose well for the rest of the P.I.G.S either and may spread to Greece, Ireland and Spain.
The recent Japanese catastrophe caused the metals to fall in the aftermath, but have since, regained the lost profits. Platinum and palladium do still have more ground to make up, as thier losses were more in unison with the automotive disruptions caused by the turmoil. Many are scared of the noble metals at the moment, as disruptions for automotive factories seem to be coming stateside. Toyota has warned it’s American plant workers to prepare for a temporary shutdown, as parts are in short supply out of Japan.
Silver’s next resistance is around $38.60 and $39, after that, $50 silver is the target.
It’s not too late if you have been sitting on the sidelines, but you do have to be a little more cautios now. The swings in silver are no longer dimes and quarters, but have now been dollars lately, and this seems like it will be the new norm for the white precious metal.