Expect $2,500 Gold & Silver To Smash All-Time Highs
September 5, 2012
Today Tom Fitzpatrick spoke with King World News about the recent surge in both gold and silver. Fitzpatrick expects silver to smash through its all-time highs as the price of gold hits, “… $2,450 to $2,500 as we move into the first quarter of 2013.”
Here is what top Citi analyst Fitzpatrick had to say, along with some powerful charts: “We now feel like we’ve at least got the first leg in what we think is the start of a move that’s going to take gold significantly higher. Gold has broken out of the top of this triangle (see chart below), and above the downward sloping trendline.
That should open up the way now for a test of what we believe to be the more important level at around $1,791, which was the peak earlier in the year. If gold can break through that level, and we believe gold will eventually, we will complete a double-bottom within the triangle, which will give a target in the region of $2,060 an ounce.